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SEC warns against investment in Bitcoin, Swisscoin

13 January 2017, 09:03

Abuja -  The Securities and Exchange Commission (SEC) has warned Nigerians against the risk involved in investing in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin

In a public notice on its website, SEC said that none of the individuals or companies promoting the use of the currencies is recognized by it or any other regulatory agency in the country.

Such digital currencies, otherwise known as Cryptocurrency, is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

Also read: Two bitcoin exchange operators charged

Bitcoin became the first decentralized cryptocurrency in 2009. The Commission, therefore, said such investments been promoted by the companies could be risky with possibility of loss of money by investors, while others could be outright fraudulent pyramid schemes.

“Given that these instruments and the persons, companies or entities that promote the digital currencies have neither been authorized, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.

“The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorized by the Commission or other financial services regulatory authority as applicable to provide such services.,” it said.


- News 24

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