By Temi Joshua
Nigerian senator Sani Musa from Niger state has said that the use of Cryptocurrency has made the Nigerian currency almost useless and valueless.
This is coming few days after the Apex bank, CBN has banned all crypto currency transactions in the country, adding that it used to promote terrosim and money laundering.
Following CBN’s directive to all banks in Nigeria to close account used in trading Bitcoin and cryptocurrencies, Access and GTBank begin to close customer accounts that have traded cryptocurrency, TechCabal Reports.
Senator Sani Musa has now said that the use of Cryptocurrency has made the Nigeria economy weak.
He disclosed this on Thursday, February 11, during plenary while he and other lawmakers debated on the CB’s decision to ban the use of digital currency in Nigeria
“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.
