'Unregulated crypto space is not in anyone's best interest,' says Senator Ihenyen, leader of a Nigerian blockchain lobby. blockchain cryptoregulation
Nigerian Lawmakers Urged to Consider Regulating Crypto Industry After Proposal to Jail Ponzi Operators
Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria , however, concedes that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what the lawmakers call “prohibited schemes.” The bill prohibits Ponzi/Pyramid Schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes.
The tricky part with most so-called crypto Ponzi schemes, however—which I must point out—is that many of these so-called ‘crypto ponzis’ have nothing to do with crypto, except that crypto was used to collect the unsuspecting participants’ funds, just the same way these bad actors could have used fiat currencies.