Amidst the debate of whether cryptocurrency is a financial technology revolution or a ponzi scheme, the Nigerian senate is stepping in to forestall its proliferation in Nigeria.

But it may already be late as several cryptocurrencies such as Bitcoin, Ethereum, BTC, Lytecoin have gained foothold in the country.

On Tuesday, the Senate expressed great concern over the widespread usage of Bit-coin across the country.

It was a senator representing Imo North, Benjamin Uwaiumogu who moved a motion to draw attention to the proliferation of Bitcoin in Nigeria.

Uwaiumogu said Nigerians were freely advised, and even persuaded to invest in crypto-currency as it promised quick returns, in certain instances, 3 or 4 times of the invested sum as profit within days.

Also Read: 4 Things To Know About Investing In Cryptocurrencies

The motion was titled ‘Urgent need to investigate the proliferation of Bitcoin, a form of Crypto-currency, to ascertain the worthiness of same as a form of investment in Nigeria’.

The senate stressed that not only has the proliferation of Bitcoin become one of the forms of investment in the country, it is openly marketed across the country on the local television and radio stations, mostly to Nigerians not aware of the consequences.

“Bitcoin is not recognized by the Central Bank, does not exist in any tangible form and is also not subject to any international or local monetary regulations, or backed up by any established government institution for that matter,” Senator Uwajumogu who led the debate warned.

Perhaps a law bill is cooking to clamp the special coin?

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