Cryptocurrency ban: We’re responsible for the protection of Nigerians – Emefiele

CBN Governor, Godwin Emefiele.

Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria, CBN, told the Senate that the ban placed on cryptocurrency transactions was an effort to protect Nigerians who bank.

Emefiele stated the reasons that fuel the apex bank’s decision to commercial banks to terminate any accounts meant for Cryptocurrency.

Appearing before the Senate Committee on Banking, Insurance and Financial Institutions and Capital Market and ICT, the Governor of the apex bank, said Nigerians should be happy that the CBN ordered the closure of all cryptocurrencies account in Nigeria.

According to him, Nigerians who are not into any dubious business should be happy with the new development, noting that Cryptocurrency insists that the currency is owned and issued by unknown, unregulated elements that use computers are encrypted.

He added that Cryptocurrency was created to hide some information about the transactions and operators.

“Cryptocurrency is used to describe traders’ activities in an electronic dark world where transactions are incredibly opaque, not visible, and not transparent.

“These are people who deal in transactions that do not want to be trailed.

“The definitions of cryptocurrency was scary enough to scare anxiety for any regulator or Central Banker in any part of the world, and that is the reason, virtually all regulators in the world did not recognize it.”

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