Those investing in bit coins are gamblers – NDIC Chief


By Emma Ujah
Those investing in virtual currency or bit coins  are gamblers, the Deputy Director of Research, Policy and International Relations (RPIR) of the Nigeria Deposit Insurance Corporation (NDIC), Dr. Sabo Katata, has said.

He spoke at the NDIC workshop for Business Editors and Finance Correspondents, in Kano, yesterday.

His words, “Digital currency is for gamblers.  If you want to invest in bit coins you can go ahead, for that is what you are.

“If you want to buy bit coins you can, but your are doing so at your own risk. The regulators will not come and protect you.”

Dr. Katata presented a paper: Financial Disruption of Digital Currency and it’s Consequences on the Banking System and Deposit Insurance System”.

He noted that even the Bank of Egland has identified about 70 risks associated with digital currency and warned the Nigerian public against unmitigated…

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