Cryptocurrency Ban: Emefiele Finally Gives Reason For CBN’s Decision
-The Governor of the Central Bank of Nigeria, Godwin Emefiele has revealed the institution’s reason for the cryptocurrency ban
-While speaking to a joint Senate Committee on Banking, he stated that the ban was in the interest of Nigerian depositors and the country’s financial system
-The CBN governor also described the operations of cryptocurrency as dangerous
The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has finally given a reason for the cryptocurrency ban.
Emefiele addressed a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and Capital Market on Monday.
The CBN governor stated that the ban was in the interest of Nigerians and the financial system of the country.
Emefiele described the operation of cryptocurrency in the country as dangerous. He added that since cryptocurrencies were issued by unregulated bodies, they were against the mandate of the CBN.
Emefiele also said that cryptos are different from digital currencies, and the anonymity behind the coins makes them suitable for illegal activities like terrorism-sponsoring and money laundering.
The CBN governor went further by saying that cryptocurrency is not legitimate money because it is not created or monitored by a central bank.
Emefiele urged the committee to maintain that stand against crypto in the Nigerian banking system at the moment.
The governor of the apex bank, however, added that the body will continue analyzing the digital space to understand cryptocurrency and educate Nigerians.