Central Bank of Nigeria (CBN) yesterday said that it would not render support to Nigerians investing in cryptocurrency, describing such investment has gambling. The Governor of the CBN, Mr. Godwin Emefiele stated this in Abuja during an interview with Bloomberg.

Emefiele’s warning is coming on the heels of increasing transactions in cryptocurrencies in Nigeria.

Data from LocalBitcoins, a Bitcoin start-up company, showed that Nigeria came second in the world’s peer-to-peer (P2P) Bitcoin transactions last year outpacing major European countries, the United Kingdom and the United States of America.

Emefiele however warned that: “Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful. We cannot as a Central Bank give support to situations where people risk savings to ‘gamble’.

Cryptocurrencies are not issued or backed by any bank or government, nor are individual digital currency valuable as a commodity. Cryptocurrency are traded on online exchanges and transferred anywhere in the world, allowing holders to skirt currency controls.

Emefiele’s warning is consistent with a circular issued by the CBN last year, warning banks and other Financial Institutions (OFLs) not to use, hold, or trade digital currencies. It cautioned financial institutions to ensure that digital exchange customers must have effective Anti-Money Laundering/ Combating The Financing of Terrorism (AML/CFT) controls to enable them comply with customer identification, verification and transaction monitoring requirements.

Similarly, the Securities and Exchange Commission (SEC), issued a statement last year, advising Nigerians to exercise extreme caution with regard to using digital currency as a vehicle of investment.

On the possibility of future regulation of cryptocurrency, Emefiele said, “I have asked my colleagues in the research and monetary-policy department to study the market and get to know what the issues are. The Central Bank may in future make some very concrete pronouncements as to the direction.”

Source: https://www.vanguardngr.com/2018/01/investors-cryptocurrencies-gamblers-emefiele/amp/

investing in FOREX is also a gamble, so what? believing in BUHARI is also a gamble.

Leopantro:
investing in FOREX is also a gamble, so what?
believing in BUHARI is also a gamble.

Everything in life is a gamble bro. I don't know whether to side with the CBN or not on this matter.

We all know Nigeria won't move forward. We agree it's gamble and we love gambling.

And those that trade stocks and deal in forex are not
In another news

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lowkey28:
We all know Nigeria won't move forward. We agree it's gamble and we love gambling.

Lol. Keep the game playing bro.

eljimmah:
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In another news

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1000 ETN available at solo price

This is funny tho,,,i cant imagine the federal government who cant provide jobs for her citizenry,who owes them 20 months salaries,who keep giving out bail out funds for those nothern warlords to syphond.

You guys think we arent aware of ur deceptive strategies to frustrate people...ok,you think we are those old pensioners who are at home waiting to get screening notices before being paid their pensions?

Oh, you guys have failed big time...leave people alone let them invest,are they using ur money to gamble?

The last time i checked,u guys have not finished repairing the federal highways,all u think is about 2019 general elections...shm.