MMM Nigeria beats Central bank of Nigeria to it

Due to the poor performance of the Nigerian Naira against other foreign currencies, MMM Nigeria has released another set of rules.

MMM Nigeria is introducing the Bitcoin cryptocurrency.

Bitcoin was the world’s best performing currency in 2016.

The Central Bank of Nigeria is also exploring legalizing Bitcoin usage in the country.

MMM had frozen the accounts of over 3 million participants on December 13, 2016.

Read Also: CBN fine tunes plan to legalize bitcoins

The Scheme says it is preparing to return, and it is throwing up a number of plans to get its community active again.

Last week, MMM  promoters asked participants to perform “Promo Tasks: A New Tool for MMM Community Development.”

“Being an MMM member implies not only opportunities but for the development of the MMM Community.”

Bitcoin was said to be the best performing currency in 2016.

Read Also: How 3 million Nigeria MMM members can get their money back

It appreciated by more than 100%, from about $400 per bitcoin to over $1,000 per bitcoin.

The currency has now fallen to $887 as at last Friday, with China tightening rules to curb capital outflows.

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira.

However, the scheme new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.

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.

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“Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate.

“It was the naira amount that grew.

“In other words, you received 30% a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30% 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% 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?

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“In case Bitcoin price might go down, you will be able to return to naira at any time.

“You only have to 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!”

While the rest of the world is shifting to Bitcoins, the CBN is still studying it. Meanwhile, MMM, the Ponzi Scheme, has lashed on to it.