Thursday, December 2News That Matters

CRYPTOCURRENCY BAN: A destructive financial policy

Emma Ihedirionye

The news of the Central Bank of Nigeria (CBN) directive on the prohibition of banks/individuals from buying, selling and using cryptocurrency came as a shock to young Nigerians and the world at large. Construe it as you may, be it an order to the banks only, or to the individuals alike was indeed a destructive policy in every sense of the word. In a world currently ravaged by the Corona virus with trillions of dollars lost in the world economy, and a mother of all recession looming after we get the vaccines right, such a policy is draconian and could cause a total collapse of the banking industry as well as the little faith we have in the banking system and its mother institution; the CBN itself.

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