The governor of the central bank said that cryptocurrencies will “go for a new life” in Nigeria

At the 279th meeting of the Monetary Policy Committee held in Abuja, the Governor of the Central Bank of Nigeria Godwin Emifiele (Edfiele) expressed his interest in cryptocurrencies like Bitcoin (Bitcoin) Will be legal in the country, “Business Insider” report on Wednesday.

Emefiele did not directly mention the withdrawal of CBN’s February decision Prohibition of institutional buying and selling Cryptocurrency, but pointed out that the bank has been investigating the industry:

“We are committed to CBN, and I can assure everyone that even in Nigeria, digital currency will become vibrant. […] Under cryptocurrency and Bitcoin, Nigeria ranks second, and in terms of global economy, Nigeria ranks 27th. We are still investigating and will provide our data. “

Emefiele also stated that the Nigerian government will do its best to prevent cryptocurrency from being used to fund illegal activities. “We found that a large part of us are participating in cryptocurrency, which is not the best. Don’t get me wrong, some may be legal, but most of them are illegal.” He said.

The banker also expressed concern about the collapse of the crypto market in mid-May. Largely due to Tesla CEO Elon Musk’s decision to suspend Bitcoin payments for cars and its BTC further criticism:

“We saw the market crash. Initially, when Elon Musk tweeted, we said that our banks and payment tools are no longer available for cryptocurrency transactions, and he tweeted that he would invest $1.5 billion and the price went up. Now, he tweeted and raised some concerns, and then things plummeted.”

CBN did not immediately respond to Cointelegraph’s request for comment.

As previously reported, Nigeria has become The largest source of Bitcoin transaction volume As of August 2020, Africa has also become one of the fastest growing markets in the global cryptocurrency market. According to data from Paxful, the Bitcoin P2P market, Nigeria ranked second As of December 2020, only trading volume in the United States.

In the process of Bitcoin’s growing popularity, Nigeria’s national currency, the Naira, has been falling. “Bitcoin makes our currency almost useless or worthless,” Senator Sani Musa from the Senate District in the east of Niger said In February.Following Emefiele’s latest remarks, Naira fell 1.2% to Nearly three and a half years low On the black market on Thursday.