A Nigerian e-currency platform moves to begin an awareness campaign on virtual currencies. The aim is to redeem the industry’s battered image, hurt by various Ponzi schemes, including egold, ebullion, liberty reserve and “MMM”.

A Haunted Market

According to Adelola Sokoya, CEO of Swiftecurrency.com, the Nigerian virtual currency market is operating below capacity. Given the amount of internet users within the country, the present virtual currency market size is poor. Sokoya blames it on the negative impression that has been created over time by fraudulent practices.

Sokoya recalls the numerous Ponzi schemes of past years that had informed the crash of payment systems such as egold, ebullion and liberty reserve.

“These schemes were very popular among Nigerians who were desperate to get rich quick. Several individuals fell prey to these programs, leaving deep financial injuries upon the victims. In a country where internet education is not particularly in-depth, it is difficult for victims or their relations not to think that anything money on the internet isn't another scam.”

MMM Scheme touches on Bitcoin

Cointelegraph carefully watches over ever-spreading Ponzi schemes. We wrote on the MMM scheme that now thrives in Indonesia, South Africa, India, Bangladesh, and Ukraine.

“MMM” is a company formed by Russian swindler Sergei Mavrodi, who cheated millions of people in Russia out of their hard-earned money back in the 1990’s. The criminal served almost 5 years in prison, and now he’s back in hiding. Having opened “MMM” in China,  Mavrodi entered a new field – Bitcoin transactions. Promising hefty bonuses to members of his decentralized “mutual aid” network, it continued to grow bigger.

Bitcoin Adoption to Expand

There is an incorrect emotion connected to the industry at the moment says Sokoya. Nevertheless, he insists that it is not beyond revival.

“It is time to work. We must continue with intensive evangelism, focusing on the many benefits of virtual currencies. With the advent of dapps, the level of transparency within the market has greatly improved and the people must know this. Adoption of bitcoin and other cryptos as payment methods by retailers is a very huge step."

"Swiftecurrency is embarking on intensive awareness seminars to enlighten Nigerians on the prevailing trend. We believe it is time for the most populous black nation to take her place within the virtual currency world.” Sokoya continued.

Sokoya also says that the signs are already clear, and the time is perfect.