The Niger East Senatorial District in the National Assembly senator, Sani Musa, has thrown more light on the reason for the ban of cryptocurrency transactions in Nigeria by the Central Bank of Nigeria.
As per the lawmaker, cryptocurrency is being used for transactions worldwide without a clear knowledge on who owns or operates the digital currency.
Musa while speaking during plenary on Thursday, 12th February, further disclosed that Bitcon has made the Naira useless and valueless.
He stressed the need for cryptocurrency to be regulated in Nigeria.
In his words;
“Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.”
“If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years.”
See the video:
What Nigerian senators said today about CBN's ban on cryptocurrency trading:
— Pulse Nigeria (@PulseNigeria247) February 11, 2021
"Bitcoin has made our currency almost useless and valueless." - Senator Sani Musa (Niger East - APC). pic.twitter.com/KIWA77WZut
Welcome to a new Legislative Day in the Senate of the Federal Republic of Nigeria! pic.twitter.com/iZV3rtEEVF
— The Nigerian Senate (@NGRSenate) February 11, 2021
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