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CBN Governor Explains Reason For Banning Cryptocurrency In Nigeria

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CBN Governor
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CBN Governor has explained his reasons for banning cryptocurrency in Nigeria.

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Jameela News reports that the CBN Governor, Godwin Emiefele, has classed cryptocurrency as an electronic currency largely controlled by unknown and unregulated elements.

The Central Bank of Nigeria CBN Governor further explained that these elements use computer codes that are basically meant to encrypt or hide information about both the transaction and the operator.

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This online news medium understands that Nigerian youths have become very conversant with Bitcoin, one of the most popular cryptocurrencies in the world.

While some countries like the United States have harnessed the benefits of cryptocurrencies to boost their economy, the Governor of CBN has recently made Nigeria join China, Bolivia, Pakistan among others to place a ban on this electronic currency, despite being the second country to have benefitted from this currency with about $566 million, the first being the United States.

In Godwin Emefiele’s words: “Let me first remind everyone that cryptocurrency which is the main broth of our sitting this afternoon is generally regarded as an electronically digital currency that is issued by largely unknown, regulated elements, using computer codes that are basically meant to encrypt or hide information about both transaction and operators. It is money that is created out of thin air.

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“Put another way, distinguished ladies and gentlemen, cryptocurrency is used to describe the activities of players in an electronic dark world, where transactions are extremely opaque, they are blank where they are not white, they are not visible and they are not transparent.

“In another parlance, these are people who deal in transactions that not only do not want a trail but indeed by its nature cannot be trailed.

“I’m sure that these definitions alone are scary enough to create anxiety for any regulator or Central Banks or Fed in any part of the world. That is the reason virtually all regulators in the world do not recognise it.”

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