The senate has invited Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to speak on the threats of cryptocurrency to the country’s economy. The resolution of the upper legislative chamber followed a motion sponsored by Istifanus Gyang, senator representing Plateau north.
The CBN governor is expected to appear before a joint committee on banking, cybercrimes and capital markets. While moving his motion on Thursday, Gyang noted that the action of the apex bank has generated criticisms from citizens.
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“The decision of the CBN is said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the cryptocurrency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.
“Cryptography is a method of encrypting and hiding codes that prevent oversight, accountability and regulation upon which the CBN says its use in Nigeria violates and contravenes existing law as only the CBN is authorized by law to issue legal tender.
In their contributions; Federal lawmakers called for caution pointing out that while cryptocurrency has its negative sides, it has become the fastest-growing form of transactions all over the world. They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.
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