Nigeria Government to Investigate Cryptocurrency

While other countries are embracing cryptocurrency (digital currency), the Federal Government of Nigeria  has said it will probe tradings in digital currency (cryptocurrency) and examine whether investments in it are viable.

The Senate Committee on Banking and Other Financial Institutions will investigate the viability of bitcoin as a form of investment, come up with recommendations on how to control its uses and trade.

The Deputy Senate President Ike Ekweremadu made it known in yesterdays plenary (session).

Nigerian Lawmakers also noted with “deep concern” that bitcoins are openly sold in Nigeria, with promises of quick returns luring investors, according to a motion put forward by Senator Benjamin Uwajumogu.

In other news, South Korea has said it has no plans to ban cryptocurrency exchanges as it uncovers $600 million illegal trades, according to REUTERS.