Why Nigeria should regulate, not ban Cryptocurrency
By Tasie Theodore
The recent move by the Governor of Nigeria’s Central Bank, ordering bans to wind down accounts of depositors who deal in cryptocurrency is clearly an over-kill. According to the apex bank, the move is to tackle fraud, ensure financial systems stability and prevent criminals from exploiting the essential anonymity-based structure of the financial asset in wreaking havoc on the broader national economy.
While the CBN should understandably be bothered over the potential negative application that cryptocurrency can be deployed into, the bigger fact of the matter is that the digital innovation has almost quite clearly come to stay. Can you ban the wind?
In our view the way to go is to undertake a detailed study of its operating system and thereafter take action to properly regulate its operations and uses.
Mr. Godwin Emefiele, CBN Governor