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Governor of Central Bank of Nigeria says “digital currency will come to life” but attacks volatile cryptocurrency – emerging market bitcoin news


Central Bank of Nigeria (CBN) Governor Godwin Emefiele says the digital currency “will also come to life in Nigeria” just months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele, however, insisted that his organization was still investigating it and would “make our data available.”

Governor says many Nigerians have adopted crypto

Meanwhile, A Report good The governor cited expressing his displeasure at the fact that many Nigerians have adopted cryptocurrency. He said:

We have done our investigation and we have 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 valid but most are illegitimate.

As many reports have shown, CBN’s February 6 Order Banks seem to have failed in their objective. Nigerian interest in cryptocurrency and other emerging fintechs has been steadily increasing. For example, recent Bitcoin.com news Reported There was an increase in the amount of peer-to-peer cryptocurrency trading in the country while there was interest in bitcoin (B T c) Remains one of the highest in Africa.

Crypto market volatility

Meanwhile, Amphiel, which seems to be following events in the global crypto industry, attempts to use the changing ideas of Elon Musk B T c To highlight the weaknesses of the crypto market.

In the last few weeks, Musk has made a series of comments about B T c Also the crypto market in general and this has led to a drop in crypto prices. Emefiele explained:

We saw a decline in the market. Initially, when Elon Musk tweeted around the time we said that our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he would invest $ 1.5 billion and the price (bitcoin) went up. Now he tweeted and raised some concerns and the talk (cryptocurrency) sank.

Meanwhile, Emefiele, despite disclosing CBN’s commitment to creating a digital currency, fails to offer a time framework within which it is expected to come to life.

What are your thoughts on Emefiele’s revelation that Nigeria will have a digital currency? Tell us what you think in the comments section below.

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