Cryptocurrency used for illegal transactions – Emefiele

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday cryptocurrency is majorly used for illegitimate transactions.

The CBN governor’ comment came three months after the apex bank clamped down on cryptocurrency transactions in the country.

The CBN had on February 5 directed deposit money banks to close accounts linked to cryptocurrency exchange in Nigeria.

Since the ban, Nigerians have had to use a peer-to-peer feature for Bitcoin transactions.

READ ALSO: IMF backs CBN ban on cryptocurrency in Nigeria

Emefiele said cryptocurrency transactions would not benefit everyone and cited the decline the digital asset had experienced since Tesla founder, Elon Musk, announced that the company would not receive Bitcoin for payment again.

He said: “Do you think that they would allow you to grow your cryptocurrency business to the second position if what is inside is the big deal that is going to profit everyone? It is not that simple.”

He warned Nigerians to be careful about the cryptocurrency market since Musk is skeptical about it.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now