Central bank of Nigeria (CBN) Governor, Godwin Emefiele, told the press that he believes digital money will come into being, but he also denounced volatile cryptocurrencies. Emefiele made his comments on the subject during a press conference on Monday, March 19 in Nigeria. He said, “I think we will see the emergence of those kind of currencies. We need to be alive to the emergence of those kind of currencies. We don’t have a particular stance on the currencies as well. But we need to be alive to them. We need to be alive to them. We need to be alive to the fact that they are being created.”
The governor of the Central Bank of Nigeria (CBN) has said the institution has no plans to issue a cryptocurrency of its own, but that digital currencies will come to life in the country, after a CBN-hosted conference called “The Future of Money and Payments”. The conference was held in Lagos, the country’s largest city, and was designed to promote the benefits of blockchain-powered digital currencies, with many speakers praising the technology and its applications in finance.
Despite the recent rise in cryptocurrency popularity, not everyone is a fan of digital currencies or the blockchain. In fact, the head of Nigeria’s central bank recently took to social media to make some rather radical statements about cryptocurrencies in general. According to him, they won’t be allowed in the country because they are not governed by a central bank. Moreover, the governor of the Central Bank of Nigeria (CBN) said cryptocurrency investors are at risk of losing their money.. Read more about latest news about cryptocurrency ban in nigeria and let us know what you think. The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that digital currencies are also coming alive in Nigeria, just months after the central bank ordered banks to stop serving the crypto industry. However, while acknowledging his country’s position as one of the world’s leading cryptocurrency markets, Emefiele stressed that his organization is still researching and will provide our data.
Governor says many Nigerians have embraced cryptocurrencies
The report quoted the governor as expressing his displeasure over the use of cryptocurrencies by many Nigerians. He said: We did our own research and found that a significant percentage of our employees are involved in cryptocurrencies, which is not a good thing. Don’t get me wrong, some may be legal, but most are illegal. As various reports have shown, the CBN Directive of 6 February for banks has not met their objective. Nigerians’ interest in cryptocurrencies and other emerging fintech technologies continues to grow. For example, Bitcoin.com News recently reported that peer-to-peer cryptocurrency trading in the country has surged and that interest in bitcoin (BTC) is among the highest in Africa.
Volatility of the cryptocurrency market
Meanwhile, Emefiele, who seems to keep abreast of the global crypto industry, is trying to use Elon Musk’s change of heart over BTC to highlight the vulnerability of the cryptocurrency market. In recent weeks, Musk has made a number of comments about BTC, as well as the cryptocurrency market in general, which has caused cryptocurrency prices to fall. explained Emefiele : We have seen the market collapse. Initially, around the time Elon Musk tweeted that our banking and payment services are no longer available for cryptocurrency transactions, he wrote that he had invested $1.5 billion and that the price (of bitcoin) had risen. Now he has tweeted and expressed concern about the (cryptocurrency) mischief. While Emefiele has stated that the CBN intends to create a digital currency, he has not proposed a timetable. What do you think of Emefiele’s announcement that Nigeria will have its own digital currency? Tell us what you think in the comments below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Nigerians will be able to use Bitcoin and other cryptocurrencies in their country, according to Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Emefiele made the comments in an address to the Nigerian Stock Exchange on January 25, 2018. He was speaking after the CBN announced that it, along with the Securities and Exchange Commission (SEC), would be taking steps to improve the local capital markets by the end of 2018. Although Emefiele has previously discussed the possibility of the CBN creating a digital currency for Nigeria, he has always been careful to label it as an “electronic” currency.. Read more about update on bitcoin ban in nigeria and let us know what you think.
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