Nigeria Apex Bank, CBN has been charged to come up with a profound policy framework for the adoption and trading in Crypto currency in Nigeria.
CBN charged to release policy framework for the adoption and trading in Cryptocurrency in Nigeria
Making the charge, the Chief Executive Officer of Xchangerate.io, Mr Peter Moradeyo, at the launching of its CBM 2.0 model of Cryptocurrency trade held in Lagos that the Cryptocurrency trade is a growing phenomenon in Nigeria that requires proper education and policy framework for its users so that they will not be scammed.
He noted that, although the Central Bank of Nigeria had earlier announced that Nigerians should be weary of a cryptocurrency trade, mere announcement cannot deter people who are spending their own money but the regulatory agency can help in providing proper education and direction.
Moradeyo, who is also The Principal Consultant, Crypto Plus Certified said “you cannot stop people from spending their money the way they want. We can only advise them on what and how to better use their money”.
He said: “CBN should tell us what it is and what is not. They need to advise us appropriately so that everyone will be guided to make the right decision. They need to properly let Nigerians understand the concept of Crypto currency trade and see how they can help the users have the correct information. So when the users appreciate it correctly, they are able to make their inform decision.
He noted that Cryptocurrency is a digital asset from blockchain technology designed to work as a medium of exchange using cryptography to secure transactions and to control the creation of additional units of the currency. Crypto currencies are a subset of alternative currencies or specifically digital currencies.
He opined that that Automated Teller Machines (ATM) for crypto currencies have been launched in Canada, U.K. Germany, South Korea, Brazil, India, with the sole aim of aiding banking technology,
He added that the continued red light by the Central Bank of Nigeria against it, while other countries are beating us to it is not the best. It is imperative that they let Nigerians know how they can take advantage of it.
Moradeyo, who restated the commitment of its company with the new CBM Model said that crypto currency market is growing massively and we want to get 2, 500 people on board so they can take advantage of the opportunities in the Crypto currencies market.
The government should live up to their responsibility and have their interest at heart and release a statement that is favourable to Nigerians them and educate them correctly, so they can benefit and be enlisted as participants in the normal trading of Cryptocurrency.