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Buhari’s man faults CBN ban on cryptocurrency trading

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A member of President Muhammadu Buhari’s economy advisory team, Bismarck Rewane, has faulted the decision of the Central Bank of Nigeria (CBN) to ban cryptocurrency transaction in the country.

Rewane, who stated this in a programme on Arise TV, said the CBN should have committed resources into understanding cryptocurrency operations rather than restricting banks from dealing with it.

He said: “They (cryptocurrency) are extremely risky, but you have to understand it. And to regulate it, you have to understand it. I think what the Central Bank should be doing is actually committing resources to understand it and see how we can embrace it, and take advantage of the opportunities.

READ ALSO: CBN law to affect Mastercard’s bitcoin, cryptocurrency adoption in Nigeria

“At the same time, Securities and Exchange Commission (SEC) should step up it collective investor scheme protection, so that people don’t do things they don’t understand.

“Investment like this is what we call the last fool theory; who is the last fool that will lose his money. But it’s not an opportunity that we can prohibit or ban, it is what we can regulate and see how we can engage, while at the same time, keeping our eyes wide open.”

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