It was a feisty session on this episode of #WAYS as Irene Ubani, a cryptocurrency investigator, expressed disbelief on the circular by the Central Bank of Nigeria to penalize Financial Institutions that engage in cryptocurrency exchanges.
Irene, a freelance journalist and now certified cryptocurrency investigator exclaimed that the decision to ban the use of cryptocurrency in Nigeria was ill-advised as there are now tools to monitor and track the movement of exchanges on cryptocurrency platforms.
She expressed that the move seemed tantamount to trying to stop technology and unfortunately seems futile as more and more individuals and organizations have come to adopt the unconventional means of transactions.
Irene noted from her research that many Nigerians who were severely hit by the pandemic resulted in buying cryptocurrencies both for personal and business purposes, especially as the directives from the CBN to reduce the spending limit of the dollar took effect.
She also noted that instead of trying to stop a moving train, it would be more beneficial for regulators and CBN to invest in acquainting themselves on the use of Cryptocurrencies so that they can ably investigate and manage all forms of misdemeanours that may arise from using of the currencies and also to remain relevant.
Cryptocurrencies, still rife with a lot of fraud and infamous for their volatility and lack of regulations, have created a significant divide in the financial world especially between policymakers, regulators, and investors who want to jump in on the action as early adopters.
