• Investors offload assets • Moghalu knocks CBN over ‘knee-jerk’ approach • Directive good for anti-money laundering war, says Gwadabe Exchanges and investors in cryptocurrencies have started reviewing their business strategies as the Central Bank of Nigeria (CBN) sticks to its gun, saying its restriction of transaction in the digital assets is in the interest of the country and parties involved.
Nigerian investors across coin exchange platforms are cashing out to hold until they fully understand how the CBN’s directive would affect them, just as the platforms urged them to switch to card deposits as they equally monitor the new regulation.
In an extensive engagement, yesterday, former deputy governor of the apex bank, Prof. Kingsley Moghalu, disagreed with the CBN, saying there are better ways to regulate than adopting a “knee-jerk” approach. Moghalu, who was part of the CBN team that initiated the Bank Verification Number (BVN) and other innovations geared towards positioning the economy for digital disruption, said central banks across the world are mainstreaming digital currencies into their regulatory structures.