Nigerian Financial institution Suspend account trading Crypto currencies - CBN
https://www.facebook.com/161915460542267/posts/3849917048408738/?app=fbl Why?
What are the risks?
It's an unavoidable new normal.
Our country may have felt threatened by the ingenuity of digital Currency as to against the policy somersault on the Naira.
No matter how risky cryptocurrency may look, the Naira can never out perform it.
It blankets my reasoning, to know that our dear country has not come to terms with the fact that; a digital economy calls for a Digital Currency.
Rather than think deep on how to digitalize the Naira just like the Dollar has been done, all our Currency managers could do is this!
I am afraid they will be left behind.
The only thing I see in this Risk mongering here is; the fact that Nigerians have found succor in trading with crypto for foreign transactions instead of the bureaucratic bottle neck of exchange rate with the CBN minuting policies.
Another risk I see is the risk of Government loosing control of the young generations who doesn't depend on the listed institution to trade globally.
Take a tow at the EndSars era, check the great escape provided by crypto transaction .
Also consider the inability to freeze crypto account of protesters singled out(blockchain). While those whose account got frozen have continued life with crypto.
While I await the risk that will warrant this early dive against the tide, I will advise traders to migrate their accounts into more reliable and people friendly institutions with better digital banking policy insight. To avoid their money being borrowed as idle fund when the account is eventually closed.
Blockchain technology makes it feel happy when remembering it is the brainbox of cryptos.
They may sight its fluctuations as the risk but hey, all currencies has its dynamism. Stock market since its ditching has never pitched the same again.
I am yet to see countries that has made open policy such as this very one though.
If the document is true, then the cashless policy of the handlers should be questioned, and same measure should be extended to all other currencies. Let patronize and bank on the Naira only.
By
Chinedu Eze
I am happy that months later after this viewpoint, the government have made a U-turn to launch the naira.
ReplyDeleteI have shared few thoughts on the e-naira, it's potential seems poked by pang for authoritarianism, but the digital currency that will suit the digital economy must carry the same autonomy associated with digital generation.