Some cryptocurrency traders think like MMM Ponzi – Adamu Garba

A former presidential aspirant in the All Progressives Congress Adamu Garba says he is in support of the directive by the Central Bank of Nigeria for financial institutions to desist from cryptocurrency trading and to close the accounts of customers with cryptocurrency transactions.

Mr Garba also raised one of the concerns of the CBN about digital currencies being used for money laundering.

“With the banning of Crypto transactions, I believe The CBN is taking proactive measures to protect Nigerians from fraudsters who deceive ordinary citizens & rid them of their earnings,” he tweeted on Friday.

“Crypto traders supposed to be regularized so that they can be tracked in the event of cheats.

“I’ve had encounters with many Nigerians who claimed to have invested fortunes in Crypto Business without understanding the basic principles of Blockchain.

“Some people even call Crypto ritual money due to its alleged profitability. It is hard to separate those thinkers from MMM.

He added: “We must learn our lessons from fraudsters who also guise on the platform of more & deprive you of your little.

“We’ve had MMM, Binomo, etc, all these ended up badly for some of us. We must learn to value our earnings through hard work, not some dubious shortcuts.”