Home [ MAIN ] NEWS Innoson Clarifies Stance On Using Cryptocurrency To Acquire Its Vehicles

Innoson Clarifies Stance On Using Cryptocurrency To Acquire Its Vehicles

Innoson Clarifies Stance On Using Cryptocurrency To Acquire Its Vehicles

Local automobile maker Innoson Vehicles Manufacturing Co. Ltd. has stated that it had not entered any sort of partnership deal on the use of cryptocurrency to buy any product from the stable of the Innoson Group.

This was disclosed in a statement that followed a claim that the brand accepted a Nigerian-developed cryptocurrency zugacoin for the acquisition of vehicles or products from Innoson Group.

It had been reported that Innoson had inked an exclusive partnership deal with Archbishop Sam Zuga – creator of Zugacoin – to enable customers to purchase Innoson products using its cryptocurrency.

Debunking the story, Innoson Group via its official Twitter handle released a statement titled, ‘Re: Nigerian Cryptocurrency To Be Used To Buy Innoson Vehicles’.

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In it, the group explained that it respected the decision of the Central Bank of Nigeria (CBN) to halt transactions conducted using cryptocurrencies.

The statement read, “Based on various enquiries through calls and emails to @Innosonvehicles on whether it accepts zugacoin or any other cryptocurrency for the purchase of Innoson Vehicles or any other products from Innoson Group, we, by this medium, do state that we stand by the decision of the Central Bank of Nigeria that the use of cryptocurrencies in Nigeria contravenes existing laws as they are not legal tender.”

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