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.
Nigerians reacted thus:
The CBN Governor, Godwin Emefiele, have this to say on cryptocurrency. He is expanding the scope of the ban to target & punish anyone who have used Bitcoin or Altcoins before. pic.twitter.com/GGOAy6KbrQ
— NEFERTITI (@firstladyship) February 25, 2021
Summary of CBN governor, Godwin Emefiele briefing on Cryptocurrency. pic.twitter.com/ispCA8rWvo
— T͜͡OL͜͡U͜͡🦋🏠 (@thetoluoflagos) February 25, 2021
Former CEO of Zenith Bank and current CBN Governor, Godwin Emefiele needs to read from a handout to explain cryptocurrency for Nigerians? No wonder the economic policies are based on trial & error with a touch of Insha'Allah.
— Sammy Sammy 🔥 (@scad_official) February 25, 2021
If backwardness was a person
The CBN governor Godwin Emefiele. pic.twitter.com/44wqnqL6ci
— pineapple head (@itzyoungabi) February 25, 2021
That wasn't the CBN governor, Godwin Emefiele speaking. It's very difficult working for this lifeless government, they'd make you look stupid with their scripts.
— Uncle Wilsøn™ (@iam_wilsons) February 25, 2021
Godwin Emefiele was probably the brightest student in his class while at the University of Nigeria, Nsukka. An orthodox man who's clearly not in touch with current realities.
This is 2021 sir, Blockchain technology is here to stay.
— Daniel דניאל (@Dharnnel_) February 25, 2021
Godwin Emefiele just confirmed that you can have all the certificates in this world and still be foolish. His reason for banning #Crypto is laughable.
— Tunde Ososanya (@TundeOsosanya) February 25, 2021
Someone should tell the CBN Governor that crypto is the future and there’s nothing he can do to stop that , not now not anytime ever ! #NigeriaNeedsCrypto
— Dehkunle of Africa 💧🐐 (@Dehkunle) February 25, 2021
The CBN Governor and the government are aware of the card they are playing with their ban on cryptocurrency.
— Tunde Ednut (@TundeEddnut) February 25, 2021
No more investment from other countries with the way he has just described cryptocurrency
— MontagDAVirus (@montag_virus) February 25, 2021
The CBN Governor, Emefiele's approach towards cryptocurrency transaction in Nigeria is an unintelligent move to resurrect a dead economy. Focus on making policies that'll attract foreign investors.
— Oluwakemi (@thisisOluwakemi) February 25, 2021
Having heard the CBN Governor speak, it's beginning to make sense that the FG really conceived the idea to ban crypto. Godwin came up with the dirtiest definitions and an audacity to read it to gullible audience. "Crypto is opaque and operates in the dark"
— EVA 🦋 (@Ma__evah) February 25, 2021
CBN Governor Emefiele an Alumnus of Havard talking about Cryptocurrency like an illiterate making it seem like Anti Christ's Currency. Mans talking about Dark World when we haven't had constant light for 60 years, you are worried about the wrong DARK WORLD 😡
— Odogwu 👑 (@Daddy_Nomso) February 25, 2021
It's definitely Adamu Garba that wrote that Cryptocurrency speech for Emefiele, nothing wey una wan tell me 😒
— Peace Of Mind 🕊🇳🇬 (@simeontobi0) February 25, 2021
…By Okiemute Abraham
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