Gary Gensler, a nominee for United States’ Securities and Exchange Commission (SEC), opposed the Central Bank of Nigeria in its opinion towards cryptocurrency. Of course, cryptocurrency is the new money and a seemingly legit way of making money, but the Nigerian Government does not see it that way.
I’m not sure how the central bank wants to resuscitate the Nigeria’s economy without accepting the new digital way of building and enriching an economy. Instead, it is bent on associating it with fraudulent activities and money laundering and other criminal activities, hence the ban.
I believe that what needs to be done is for the Nigerian Government to reconsider the trading of Cryptocurrency as a possible means to generate more revenue for Nigeria and also a way to pull the country out of recession.