Backward Nigeria and Bitcoin

The Nigerian Senate has mandated the Senator Rafiu Adebayo Ibrahim, Kwara South-led Committee on Banking, Insurance and other Financial Institution to research and find out the viability of bitcoin as a method of investment. The committee is also to generate guidelines on how to "Control" the use of bitcoin and report back to the Senate with in two weeks

The Senate also asked the Central Bank governor Godwin Emefiele, the Managing Director of Nigeria Deposit Insurance Commission, NDIC and the Management of Securities and Exchange Commission, SEC to make an unequivocal statement across all the news platforms in all languages on how dangerous the new Internet currency is as a means to store value in Nigeria

According to Senator Benjamin Uwaiumogu,
"bitcoin is not recognised by the Central Bank of Nigeria, 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 institutions for that matter."

The lawmaker was quick to remind the senate that the MMM bubble of 2016 (ponzi scheme) left millions of Nigerian families broke and broken. Some people lost their lives, other their jobs.

Personally, I'm not surprised that the average Nigerian lawmakers finds it difficult to understand the difference between a cryptocurrency and an obvious ponzi scheme. The fact that they mistake one for another is simply because of their lack or re-Education and lack of technical understand of modern concept of computer related technology.

But again, they are Nigerian lawmakers, they get paid to make sure majority of the citizen remain in hunger and poverty. This could be another of their plans to prevent the spread of new and non political based millionaires. It's pretty much general knowledge in the country that the creation of new millionaires is heavily restricted to political loots of the country's resources. It's simple, to be a Nigerian millionaire, you have to steal from the country one way another, leaving hard working honest citizens living from hand to mouth.

You may be wondering, could this be true, or could this be what lazy Nigerians say to sleep comfortably at night. I'll let you do the thinking. In Europe, Asia or American, new millionaires are created from either Sports, Tech entrepreneurship or television . Let's take a look on sports on Nigeria, it's totally in shambles. The Olympics football team was sent to Brazil without accommodation or logistical funding, leaving them stuck. It took the good heart of Former Chelsea player John Mikel Obi to see them out. What about other sports, they are webbed in unpaid salaries, lack of equipment, low technical support, most times athletes have to fend for themselves during international competitions.

Tech entrepreneurs are having the most difficult time in the country. Lack of electricity, high Internet data charges, outrageous TV charges, high prices and non availability of petroleum products to fuel generators. It's a total fiasco for entrepreneurs in Nigeria. How do they expect one the be creative or even succeed in such conditions.

The government is well aware how intelligent and hardworking Nigerians are, it doesn't take much for a Nigerian to succeed. With the scheme of control via the spread of poverty, they get to keep their precious Power and control. But with the spread of new millionaires, their Power becomes threatened. Thus they have to keep poverty in circulation

So are you surprised they paint Bitcoin black?, They are voted in to make life better, but they are paid to spread poverty and any agenda that supports it. The Naira has lost over 60% of its value in the past two years due the inflation, but they come out to talk ill about a cryptocurrency that has done better.

With the wide spread of bitcoin and other cryptocurrencies, they would eventually give up control of their widely corrupt centralized banking system. The control they cherish so much could all be taken away with this bit coin mumbo jumbo, hell no, they will not let that happen. NEVER

My honest opinion to Nigerians during this wave of cryptocurrency, is to remain safe, read a lot, use YouTube for research or seek the expertise of an expert in the field to know where and how to invest or use cryptocurrencies!