There is no doubt that the world of money and finance is transforming before our eyes as digitised assets and innovative financial channels, instruments and systems are creating new paradigms for financial transaction and alternative capital.

But just like it did when the popular ponzi scheme, Mavrodi Mondial Movement, simply known as MMM was in vogue in the country, the CBN has called on Nigerians not to fall into the temptation of the crypto currency called bitcoin.

The apex bank said the virtual currencies are not legal lenders in Nigeria, and are unacceptable just as it called on financial institutions not to transact businesses in the currencies and anyone who does such, is at its own risk.

Digital currency bitcoin sold at $1000 in January 2017 and hit an all-time high of more than $19,000 in December.

Currently, the price of bitcoin has been stagnated in the last two weeks and financial experts around the world continue to discourage investors.

In recent times, the rise in popularity of cryptocurrencies has been attracting the attention of investors in the global market, whilst it has remained a concern to regulators of financial institutions.

From the United States (US) to other countries in Europe and Asia, the allure to cryptocurrencies has continued to increase.

Indeed, investors in cryptocurrencies have been riding a tremendous bull run as it outpaced global stock market returns by huge margins last year.

Read the full report here.

Reminds me of the monkey business story.

If you observe critically you would notice it's same people that invested heavily in MMM that are actively involved in the crypto business, same greed same free money. Best of luck to the investors

It's just a matter of tym 4 bitcoin to crash & it will b far much worse than MMM