Ponzi scheme MMM which was suspended abruptly last year, has now approved the use of bitcoins for payment. Bitcoins are a digital currency which are created and held virtually. They are however not under the control of any central bank. Thus subjecting them to wild volatility. Bitcoin recently hit the $1000 dollar globally. The Central Bank of Nigeria (CBN) has also advocated for the regulation of the virtual currency in Nigeria.
Previously, members were only able to give help in bitcoin, but receive returns in Naira. Members can now give and receive returns in bitcoin. The ponzi scheme which was widely adopted in Nigeria, has promised its members that it will resume operations on the 14th of January. MMM was founded in Russia in 1994, and established in Nigeria in November 2015. Bitcoin, which operates using blockchain technology was created in November 2008, by an eponymous character Satoshi Nakamoto.
