The comment of the Central Bank of Nigeria (CBN), Godwin Emefiele, stating that cryptocurrency originated out of ‘thin air’ has created conversation fodder for social media denizens.
Emefiele, while addressing the Joint Senate Committee on Banking, Insurance, and Other Financial Institutions, made an argument for the ban of transactions using digital currencies in Nigeria.
He said that cryptocurrency is a computer-generated system that is used to “encrypt or hide information” of both transactions and operators, and “in a sense, it is money that is created out of thin air”.
Some Nigerians, in their reactions, noted that the CBN did not understand the idea of cryptocurrency that led to the ban.
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Emefiele said that cryptocurrency “has no place in our monetary system at this time, and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
Below are the reactions:
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