The CBN governor, Godwin Emefiele says crypto trading in Nigeria are done illegitimately
Do not get this confused, I would have posted this along in the last topic made, but I think discussing it separately will be the best. Although, the news are the same but this is another CBN governor's speech during the same 279th MPR meeting held in Abuja just of recent where the CBN governor speaks good about cryptocurrencies.
Godwin Emefiele said, “We have carried out our investigation. We found out that a substantial 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. Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation, and we will make our data available.”
The questions are:1. Is the CBN governor right about this?
2. What evidence(s) did the CBN governor has about this?
3. Is it the work of CBN governor to talk about this when no government body has not carried out a research to actually know most Nigerian crypto traders are making illegal transactions?
4. Or, has there been any research disclosed about this yet? I doubt that
When Western Union are used, including MoneyGram, nothing is done. If not because if the Western Union and money gram that make certain rules like yearly minimum withdrawal and reversing of funds sent, it has been a potential means frudsters can use, and yet many frudsters will still be using both. The CBN governor has nothing to say about it but only talking bad about cryptocurrencies. There are still many other ways fiat transactions are used illegally to defraud people, but yet the CBN governor did not ban fiat like Pounds, Euro and Dollar. In fact, fiat are mostly used in illegal activities. Also, I wonder why he has not banned the use of credit card which is impossible to ban.