A Nigerian Senator representing the Niger East Senatorial District of Niger State, Sani Musa has said that cryptocurrency rendered Nigeria’s Naira useless and without value.
Sani said this during plenary where his colleagues debated the ban on cryptocurrencies ordered by the Central Bank of Nigeria, CBN.
”Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. It is being protected by an app or stuck to a bloc chip. The technology is so strong. I don’t know the kind of regulation that we can do
Another very important thing that we should know is that Bitcoin has made our currency almost useless or valueless because I can remember that about six or seven years ago, my son bought three pieces of Bitcoin online and today, he is coming to tell me that he has Bitcoin for sale.
Where is it because it is not physical.
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He said he has it on sale because he has bought it and each one is going for N17 million. So if we have an economy that is very weak and we cannot regulate Cryptocurrency in Nigeria, then I don’t know how our economy will be in the next few years.” he said
”Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. It is being protected by an app or stuck to a bloc chip. The technology is so strong. I don’t know the kind of regulation that we can do
Another very important thing that we should know is that Bitcoin has made our currency almost useless or valueless because I can remember that about six or seven years ago, my son bought three pieces of Bitcoin online and today, he is coming to tell me that he has Bitcoin for sale.
Where is it because it is not physical.
He said he has it on sale because he has bought it and each one is going for N17 million. So if we have an economy that is very weak and we cannot regulate Cryptocurrency in Nigeria, then I don’t know how our economy will be in the next few years.” he said
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