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Neitizens Outrage As CBN Governor Emfiele Cited Cryptocurrency Was Created Out Of Thin Air

February 25, 2021 ,
The Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s description of Cryptocurrency as money created out of ‘thin air’, has elicited a flurry of reactions especially on social media.
Emefiele, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, stated that cryptocurrency is used to describe the “activities of players in an electronic dark world”

 In the now-viral video sighted, Emefiele said: “Cryptocurrency is an electronic or digital currency that is issued by largely unknown, unregulated elements using computer codes that are basically meant to encrypt or hide information about the transactions and the operators… 

 “And in the sense, it is money that is created out of thin air… “…cryptocurrency is used to describe the activities of players in an electronic dark world, where transactions are extremely opaque, they are black; they are not white, they are not visible and they are not transparent. 

 “In another parlance, these are people who deal in transactions that not only do not want a trail but indeed by its nature cannot be trailed. I’m sure that these definitions are scary enough to create anxiety for any regulator or central bank in any part of the world.” 

Watch video below;


It was previously reported the CBN on February 5 ordered all banks to close accounts of anyone who transact in cryptocurrency The order was contained in a circular to banks and other financial institutions. 

 According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited. Nigerians, especially youths, who were displeased with the CBN Governor’s description of cryptocurrency took to social media to berate him.

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