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Crypto currencies option could fight poverty

Crypto currencies option could fight poverty


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Financial experts said Crypto currencies like bitcoins and block chain technologies have huge potentials to address poverty in Nigeria.They made this known on the sidelines of a business meeting on such transactions.

Lara Afolayan reports that the bitcoin is a digital currency with a global payment system.

The block chain technology on its part is used in the Crypto currency bitcoin as a public transaction ledger. The bit coins and blockchains have not gained much ground here in Nigeria.

Promoters of this line of business said it has huge money making opportunities for a developing country like Nigeria with high levels of poverty and unemployment.

Some participants at this meeting from developed economies of the world share the benefits of such businesses to their countries.

Ponzi schemes like MMM went bad in Nigeria with many losing a lot of  money in the process.

The Central Bank of Nigeria has warned Nigerians to desist from Ponzi Schemes and even crypto currencies particularly bitcoins as virtual currencies are not a legal tender in Nigeria.

The apex bank said dealers and investors in such line of businesses are doing so at their own risk as they are not protected by law.

They advised Nigerians interested in bitcoins , block chain technologies and other virtual currencies to ensure they seek proper advice before making any commitments.

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