MMM Nigeria Set To Start Using Bitcoin, Dumps Naira

MMM Nigeria says it has presented Bitcoin, said to be the arena’s first-rate performing forex in 2016, as part of its mode of fee in its comeback plans

The Ponzi scheme, which froze debts of its three million participants on December 13, 2016, is getting ready to return, and it's throwing up a quantity of plans to get its neighborhood active once more.

Last week, MMM promoters issued instructions to its participants whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development.”

In the MMM message, subscribers were told to perform tasks, both online and offline, to promote the scheme and drive “traffic and participation” by the time the restriction on the account is lifted.

“Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community”, the message said.

Now it has give you Bitcoin, the more and more widespread cryptocurrency or digital currency.

It was once mentioned to be the high-quality performing foreign money in 2016, appreciating by greater than a hundred percent , from about $400 per bitcoin to over $1,000 per bitcoin. The currency has now fallen to $887 as at final Friday, with China tightening principles to curb capital outflows.

Previous to the freeze of MMM, contributors were allowed to provide help in bitcoin, but they had been paid again in naira.

Nonetheless, MMM new plan allows contributors to get help in bitcoin, and watch their monies develop in bitcoin.

In a declaration to individuals, MMM said “as a result of the contemporary sharp price fluctuations of Bitcoin, MAVRO-BTC is being presented 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.

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“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!”