SocialMediaTrends: Reactions trail CBN Governor's 'cryptocurrency created out of thin air' comment | Ripples Nigeria
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SocialMediaTrends: Reactions trail CBN Governor’s ‘cryptocurrency created out of thin air’ comment



The social media space on Thursday morning was awashed with reactions to comments made by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele about cryptocurrency.

Twitter users showed widespread displeasure over the speech delivered by Emefiele, buttressing the recent directive issued by the Apex bank on the banning of cryptocurrency trading in the country.

In what many tweeps have described as a “show of embarrassment”, Emefiele while briefing a Joint Senate Committee on Banking, Insurance and Other Financial Institutions stated that cryptocurrency was created out of thin air and was issued by unknown and unregulated entities.

He noted that the obscurity and cryptic nature of cryptocurrency make it suitable for use by criminal elements for illegal activities such as money laundering, terrorism financing as well as tax evasion.

“Cryptocurrency is not legitimate money because it is not created or backed by any central bank,” Emefiele said

“It is money created out of thin air and used to describe the activities of players in the electronic dark world…it has no place in our monetary system at this time, and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

While Emefiele had faulted the operation of cryptocurrency for its opaqueness, Twitter users on the other hand have argued that trading in cryptocurrencies was infact, the future of banking.

The development is coming days after Bitcoin staged an epic bullish run, breaching the $58,000 mark in February before slumping at the start of the week.

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Nigerians reacted thus:

…By Okiemute Abraham

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