Nigerians Attack CBN Governor Over Fresh Cryptocurrency Comment
Nigerians dealing on Cryptocurrency on Thursday launched fresh attack on the Central Bank Governor, Godwin Emefiele, over fresh comment that cryptos were “created out of thin air.”
The apex bank had ordered banks to block all accounts linked to Cryptocurrency transactions over claims that the digital currency was used to finance illicit transaction including terrorism.
The ban led to reactions by speculators who said the clampdown tampered with their means of livelihood.
On Tuesday, the apex bank Head said, Cryptocurrency is ‘in a sense money created out of thin air’, with the players untraceable, unknown and unregulated elements.
He said, “We know enough at this stage to decide that the opaque nature significantly threatens our transaction and as you know, the CBN has the primary responsibility to protect the investment of every player in the space.”
The Governor also disclosed that crypto was harmful to the Nigerian economy and could further frustrate an already weak naira.
Elsewhere, JPMorgan Chase & Co. strategists had recently warned about cryptocurrency particularly Bitcoin’s declining liquidity.
Elon Musk, Tesla Inc. Chief Executive Officer who invested $1.5bn also twitted that Bitcoin and Ethereum prices “do seem high,” which triggered $5000 plunge in the price of Bitcoin in a single day.
But reacting to the comment by the Governor, speculators on microblogging platform, twitter accused the governor of stifling Cryptocurrency innovation over fear of a decentralised currency.
Dehkunle of Africa said, “CBN Governor banned crypto transactions with Nigerian banks because money created out of thin air and the idea of decentralisation doesn’t sit right with him, this country is a badly written joke
Izu commented that, “From barter, to gold, to paper bill, to gold standard, Bretton Woods and to end the Gold Standard. That’s the history of money. The paper money isn’t up to 60 years old while Cryptocurrency is next. But the CBN Governor, Emefiele talks like he never knew that money changes with time.”
In his reaction, Tosin Olugbenga said, “You are stiffening and killing innovative Blockchain start-ups in Nigeria. You are blocking Nigeria from the privileges the decentralized economy is offering the world. The USA has Coin base, Binance is owned by a Chinese, the two largest exchanges in the world,” claimed
Fairly used boyfriend pointed out that, “CBN Governor is angry they don’t have enough money to trade foreign exchange because Nigerian youths now hardly keep their money with banks. Stamp duty charges for a whole year can buy me Christmas chicken.”
First Doctor said, “But a CBN governor wants to ban Cryptocurrency transactions in Nigeria because he thinks it’s money created out of ‘thin air’. Don’t kill your crypto start-ups please”
“Whether CBN Governor likes it or not Cryptocurrency is the future, now is the future and it’s here to stay at all cost hundred points, in Bitcoin we Trust,” Upcoming FBI said.