Nigerians Pounce On Godwin Emefiele For Describing Cryptocurrency As Money Created Out Of ‘Thin Air’ (Video)

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CBN Governor, Godwin Emefiele
Nigerians Pounce On Godwin Emefiele For Describing Cryptocurrency As Money Created Out Of 'Thin Air' (Video) - Vantage News Nigeria
CBN Governor, Godwin Emefiele

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has come under heavy criticism following his description of cryptocurrency as money created out of ‘thin air’.

The CBN governor made this remark while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market.

Emefiele said cryptocurrency is used to describe the “activities of players in an electronic dark world”.

He went further to say that people who deal in cryptocurrency transactions are those who do not want a trail and who cannot be trailed.

His words, “I’m sure that these definitions are scary enough to create anxiety for any regulator or central bank in any part of the world.”

In a video of Emefiele speaking before the panel which has now gone viral, he said, “Cryptocurrency is an electronic or digital currency that is issued by largely unknown, unregulated elements using computer codes that are basically meant to encrypt or hide information about the transactions and the operators. And in the sense, it is money that is created out of thin air.

“Cryptocurrency is used to describe the activities of players in an electronic dark world, where transactions are extremely opaque, they are black; they are not white, they are not visible and they are not transparent.”

The CBN Governor continued, “In another parlance, these are people who deal in transactions that not only do not want a trail but indeed by its nature cannot be trailed. I’m sure that these definitions are scary enough to create anxiety for any regulator or central bank in any part of the world.”

Recall that CBN in a circular to banks and other financial institutions on February 5 ordered the closure of all accounts that transact in cryptocurrency.

The apex bank had said that dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

This directive, however, ignited angry reactions from many Nigerians especially youths, who called for a reversal of the decision.

Following the controversy it generated, Senate then summoned the Governor Emefiele and Director-General of Security and Exchange Commission, Lamido Yuguda to brief the panel on the opportunities and threats of the cryptocurrency on the nation’s economy.

Disappointed and awed by the CBN Governor’s definition of cryptocurrency before the panel, Nigerians have now taken to social media to berate him.

See some of their reactions below:

 

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