Nigeria to Study Bitcoin Proliferation

The Senate urged the regulators to issue clear statements in all the dialects spoken in Nigeria about the dangers of storing value with cryptocurrency
02 February 2018   1159

The Senate of Nigeria has asked the Central Bank of Nigeria (CNB) and other regulators to investigate the proliferation of bitcoin and to educate citizens about the possible dangers of the cryptocurrency.

The lawmakers asked the CBN, the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Stock Exchange (NSE) to launch a campaign against the risks of trading bitcoin. The Senate urged these institutions to issue clear statements in all the dialects spoken in Nigeria about the dangers of storing value with cryptocurrency.

Much of the lawmakers’ fears are based on recent events after Mavrodi Mundial Moneybox (MMM), a Russian ponzi scheme, became popular in Nigeria snapping up over two million users. Nigeria’s central bank estimates that users lost $50 million.

Meanwhile, bitcoin trading in Nigeria has skyrocketed with weekly bitcoin trade volume surpassing 1 billion nairas ($2 million) in August 2017 on LocalBitcoin, a global bitcoin exchange.

Weekly bitcoin trade volume in Nigeria on LocalBitcoinWeekly bitcoin trade volume in Nigeria on LocalBitcoin

We have recently reported that Hong Kong launched a public education campaign to raise awareness of the potential risks of investing in ICOs and buying cryptocurrency.

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   96

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 

Craig Wright


Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.