Godwin Emefiele, Nigeria’s CBN Governor is having a moment on social media after a video of him describing cryptocurrency as emerging from thin air from players on the dark web in a very dramatic show of disapproval. Honestly, we get it!
Whilst it is true that many financial regulators across the globe are divided and confused over the valuation process of Bitcoin due to its high volatility and erratic nature, the CBN Governor, took an entirely different spin on the issue. Watch his video here if you missed it.
Cryptocurrency which stems from Blockchain technology is basically a secure mode of payment between two parties which entirely boycotts regulatory third parties, making it rife for abuse, moving of illegal funds and even widescale fraud all through a secure encrypted channel and an equalling enthralling mine of opportunities. It leaves no footprint behind and could be a pain to track.
However, as more key industry players such as Elon Musk and Jack Dorsey and even organizations wade into the ecosystem, regulators have no other choice but to ‘join them if they cannot beat them’ attitude or entirely shutting the system down. The Nigerian CBN took the latter route.
The adoption of Blockchain technology is further creating avenues for ways to monitor and track the trade and volume of ‘coins’ and if furthered could be the ultimate gamechanger for many economies leaving Nigeria staggerring behind many of her global peers.
The easiest way to diminish the effect of bad players from the Cryptocurrency race is for more legal institutions to wade into that space early and provide ‘legal money’ for enthusiasts as well as determine its value because blockchain technology doesn’t seem to be retiring soon, in fact, it is just awakening!
