Official statistics indicate that the nation is comfortably ahead of its neighboring African nations. Nigerians use cryptocurrencies for cross-border payments as well as international remittances in a number of growing cases. This development drive, though, faces the challenge of an ancient vice — scams.
According to Senator Iyere Ihenyen, SIBAN General Secretary (GS),
"In order to better appreciate the increasing incidence of fraud in Nigeria, it is important to consider the meaning. Nigeria, a nation of more than 200 million people with a high rate of youth unemployment and underemployment, has sadly become a refuge for scammers, "notes Ihenyen.
Cryptocurrency-related schemes continue to overwhelm blockchain room because new ones are introduced all the time. Adding to the woes is the worldwide pandemic, Covid-19, which claims to have opened up a major corridor for offenders.
Most people involved are already sounding the alarm when they seek to transform the tide against the perpetrators. The members of the Blockchain Industry Association of Nigeria (SIBAN), the counterpart to Nigeria's cryptocurrency group, are one body that is sounding the warning.
The GS is being questioned about Inksnation, an investing website that has been branded a fraud by several Nigerians. Ihenyen, who states he first learned about this supposed fraud in December 2019, denies arguments by its promoters that the investing system has its own blockchain.
Source: Bitcoin.com
