Federal Legislator representing Niger State East Senatorial District, Senator Sani Musa has called upon the CBN in conjunction with the Ministry of Science and Technology and the Ministry of Information and Digital Economy to look for a way to regulate the Nigerian digital space and protect the Nigerian economy against Cryptocurrency.
Sen. Sani Musa made the because at the moment with the way things stands Bitcoin and Cryptocurrency has made the Nigerian currency “Naira” almost useless and valueless. The senator made this deposition on Thursday, February 11, during plenary as he and other lawmakers debate the CBN’s decision to ban the use of cryptocurrency in Nigeria.
In Sen Sani Musa’s words
”Cryptocurrency has become a world wide transaction of which you can not even identify who owns what. It is being protected by an app or stuck to a bloc chip. The technology is so strong. I don’t know the kind of regulation that we can do
Another very important thing that we should know is that Bitcoin has made our currency almost useless or valueless because I can remember that about six or seven years ago, my son bought three pieces of Bitcoin online and today, he is coming to tell me that he has Bitcoin for sale.
Where is it because it is not physical.
He said he has it on sale because he has bought it and each one is going for N17 million. So if we have an economy that is very weak and we cannot regulate Cryptocurrency in Nigeria, then I don’t know how our economy will be in the next few years.” he said
On February 5, the apex bank instructed all banks to close accounts of any of their customers trading in Cryptocurrency. According to the CBN, Cryptocurrencies are being used to finance crimes such as Terrorism, kidnapping, and others.
Watch the video of Senator Sani Musa speaking on the floor of the house about Bitcoin;
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