A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the recent action of the apex bank that Deposit Money Banks should desist from transacting in and with entities dealing in cryptocurrencies.
According to him, the Securities and Exchange Commission recognises cryptocurrencies as financial assets. SEC, which is supervised by the Federal Ministry of Finance, is the main regulatory institution of the Nigerian capital market and around September last year, they said they will be issuing a regulatory framework for cryptocurrency not banning it.
Moghalu said there was no means of exchange devoid of risk, adding that if the CBN could manage the risks of paper currency and electronic payments and other means of exchange, it should also be able to mitigate the risks associated with digital platforms such as cryptocurrencies.
