Cryptocurrency News

Crypto ‘will come to life’ in Nigeria, says central bank governor

At the 279th meeting of the Monetary Policy Committee in Abuja, Central Bank of Nigeria Governor Godwin Emefiele expressed confidence that bitcoin-like cryptocurrency (B T c) Will be legal in the country, Business Insider Reports Wednesday.

Emefiele did not directly mention CBN’s decision to reverse February Prohibition on sale and purchase of institutions Crypto, but noted that the bank is investigating the industry:

“We at CBN are committed, and I can assure everyone that digital currency will come to life in Nigeria as well” […] Under cryptocurrency and bitcoin, Nigeria comes in second place, while in the global side of the economy, Nigeria comes in 27th place. We are still conducting our investigation, and we will make our data available. “

Emefiele also said that the Nigerian government will do its best to prevent crypto from being used to finance illegal activities. “We found that a large percentage of our people are getting involved in cryptocurrency, which is not the best. Don’t get me wrong, some may be legitimate, but most are illegitimate,” he said.

The banker also expressed concern over the crypto market crash in mid-May, which Has been largely attributed Tesla CEO Elon Musk’s decision to suspend bitcoin payments for cars and their BTC criticism ahead:

“We saw a decline in the market. Initially, when Elon Musk tweeted around the time we said that our banking and payment facilities were no longer available for cryptocurrency transactions, and he tweeted that he would invest $ 1.5 billion, and the price went up. He now tweeted and raised some concerns, and the talk fell through. “

CBN did not immediately respond to Cointechgraph’s request for comment.

Nigeria, as previously stated. Has emerged as The biggest source of bitcoin trading volume By August 2020 in Africa, it became one of the fastest growing crypto markets in the world. According to data from Bitcoin P2P marketplace Paxful, Nigeria finished second Only for the United States in trading volume until December 2020.

Nigeria’s national currency, the naira, is falling, amid growing acceptance of bitcoin. “Bitcoin has made our currency almost worthless or worthless,” Senator Saani Musa of Niger East Sanatorial District said in February. Following Emefiele’s latest comments, Naira fell 1.2% Near three-and-a-half year low Thursday in the black market.