SocialMediaTrends: 'The future is CowtoCurrency' - Jokes, wild speculations trail CBN's new Crypto policy | Ripples Nigeria
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SocialMediaTrends: ‘The future is CowtoCurrency’ – Jokes, wild speculations trail CBN’s new Crypto policy



The social media space in Nigeria has been awashed with reactions from users across the world following the new regulation on crypto transactions by the Central Bank of Nigeria (CBN).

The apex bank had on Friday put out a statement via a letter to Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs), to stop transactions relating to cryptocurrencies, citing its concern about the risk associated with coins.

According to the CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”.

Nigerians then took to social media to react to the development, with many slamming the federal government for what they considered to be a retrogressive action.

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But reactions grww to a whole different level on Saturday morning as Nigerians on Twitter trended the word CowtoCurrency in relation to the recent ban on cryptocurrency.

The word was first tweeted by former Presidential Aspirant, Adamu Garba, who quoted his earlier tweet about cow ranching being a better business.

“When the estimated 33 million cattle in Nigeria are ranched, the economic value chain is enough to power many processing industries in Nigeria, create jobs & help in bringing lasting peace between our valuable farmers & herders.”

Nigerians latched on it, taking the opportunity to disagree further with the policies of the Nigerian state which they say are not helping the citizens in any way.

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