MMM Nigeria Introduces Bitcoin | Ghana’s Central Bank Vows To Deal With Ponzi Scheme

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EFCC Breaks Words Of Admonishment To Nigerians As MMM Freezes 3 Million Accounts

MMM Nigeria says it has introduced Bitcoin – which is said to be the world’s best performing currency in 2016 – as part of its mode of payment in its comeback plans.

With less than 5 days to the date stipulated for return, the Ponzi scheme, which had frozen the accounts of its three million participants on December 13, 2016, is throwing up a number of plans to get its community active again.

Unlike MMM, CBN May Approve Use Of Bitcoin For Transactions

It has now come up with Bitcoin, the increasingly popular cryptocurrency or digital currency.

In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.

“So far, we have only had Mavro-Naira in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

“It was the naira amount that grew. In other words, you received 30 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30 percent growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 percent monthly growth rate.

“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.

“And, what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again).

“This option is available in PO. You can convert both confirmed and unconfirmed Mavro.

“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”

Meanwhile, Ghana’s Central Bank has indicated strongly that it will deal swiftly with the operations of the Ponzi financial scheme, Star Fm reports.

MMM, Ponzi Schemes And System Failure

In a chat with Starr Business’ Osei Owusu Amankwaah, the Director of communications at the Central Bank, Bernard Otabil said it will commence immediate investigations into the matter, adding “anything that has the potential of affecting the credibility of the financial sector we are very keen on and deal with such issues appropriately.”

“We have field officers who are always on the go and their job is to make sure that we weed out all the charlatans and ensure that all those we have licensed are doing the right things at all times. We are always on the go and the activities of charlatans won’t last long even if they succeed at the first try because we are always on their case”.



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