Popular Blockchain Educator, Samuel Joseph has announced his recent engagement with some officers of the Sabo Division of the Nigerian police on what Bitcoin is and the technology behind bitcoin and blockchain.
Per a recent article on SiBAN, Samuel told the policemen that although bitcoin was used as a means of payment for the viral MMM scheme, it however do not justify the tag on bitcoin as a PONZI tool.
“Naira was used in MMM too. I also made them understand that bitcoin currently serves as a means of accepting payments from young Nigerian entrepreneurs who render service to foreign companies as revering bitcoin is faster and cheaper than other conventional methods.” Retierated Samuel.
The meetup is reportedly one of the special reachouts by Loveworld Church, University of Lagos to Police officers.
It can be recalled that the Central Bank of Nigeria issued a circular which warned Nigerians on Cryptocurrency investments and trading. The apex bank emphasized that Bitcoin and other cryptocurrencies are not legal tenders.
During the question and answer session, the officers were reportedly inquisitive on knowing how to identify the geninue use of bitcoin by young Nigerians.
“Money (bitcoin in this case) is neither good nor bad. People use fiat (Naira) for both evil and good. I can tell you I know a lot of Nigerians that offer genuine online services such as web design, photoshop and programming and get paid in bitcoin.” Joseph replied the officers.
Though there is no existing regulation for Cryptocurrency in the country, this in effect creates an urgent need for Cryptocurrency and Blockchain education to enable citizens different bitcoin from ponzi schemes that utilizes bitcoin as its Payment medium.