Obinna Chima writes on the on-going debate over recent decision by the regulators to prohibit transactions on cryptocurrency in Nigeria’s financial system
For close to one month after the Central Bank of Nigeria (CBN) prohibited the use of cryptocurrency in the country’s banking and financial systems, the dust generated by the policy is yet to settle.
While the CBN and other proponents of the policy have continued to highlight risks in transacting in cryptocurrencies as well as its potential dangers on the economy, those who oppose the apex bank’s policy believe a better means of managing the digital currency ought to have been adopted.
Emefiele says CBN s action on cryptocurrency is in Nigerians best interest tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
By Deji Elumoye and Udora Orizu
The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the CBN acted in the nation’s best interest by ordering banks, non-banking and other financial institutions not to facilitate trading and dealings in cryptocurrencies.
Emefiele, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes, and Capital Market, on its directive banning cryptocurrency trading, described the operations of cryptocurrencies as dangerous and opaque.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigerian Financial Intelligent Unit (NFIU), which also addressed the joint committee, said cryptocurrency was being used as a channel for funding violence and terrorism in Nigeria.