The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said that cryptocurrency is money created out of thin air.
This according to him justifies the reason for the banning financial institutions from tratodnsacting with the currency in the country.
While addressing the Senate Committee on Banking, Insurance and Other Financial Institutions, he said:
“Cryptocurrency is generally regarded as an electronic or digital currency that is issued by largely unknown, unregulated elements, using computer code that are basically meant to encrypt or hide information about both the transaction and the operator and in this sense, it is money created out of thin air.”
See video here.
