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Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu (22277 Views)

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Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by ebukajay184: 5:15pm On Feb 08, 2021
Cryptocurrency Ban: Every Medium Of Exchange Is Subject To Fraud And Criminality - Moghalu

Former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has criticized the apex bank’s reason for stopping cryptocurrency transactions in the country, IgbereTV reports.

CBN had in a statement released on Sunday February 7, said it banned cryptocurrency transactions because they are largely speculative, anonymous, untraceable and are increasingly being used for money laundering, terrorism financing and other criminal activities.

Reacting to this while appearing on an Arise TV program on Monday February 8, Moghalu stated that the excuse of "cryptocurrencies being used to perpetrate fraud" is not a serious argument.

The former presidential candidate in the interview averred that every medium of exchange is subject to fraud and criminality. Moghalu said all the apex bank needed to do, was come up with a regulatory framework that restricts the use of cryptocurrency or subjects it to some surveillance.

He said;

“Cryptocurrencies have their risks and the central bank should be concerned. The argument that cryptocurrencies are used to perpetrate fraud is not a serious argument.

"People can use cryptocurrencies for wrong uses but every medium of exchange is subject to fraud and criminality.

“If you can manage the risk of fraud in paper money and other electronic platforms, why can’t you think of managing it with cryptocurrencies.

“I would have preferred some deep thinking about how to come up with a regulatory framework that restricts the use of cryptocurrency or subjects it to some surveillance that alerts the central bank if there are serious abuses that can affect financial system stability.

“CBN, especially in my time, did have a tendency for innovation ourselves, so I don’t see why there should be some sort of declaration of a third world war between the central bank and cryptocurrency.

“An outright ban on financial institutions from having accounts associated with cryptocurrency exchanges or cryptocurrency trading, seems to me, it wasn’t the best approach to the problem”.
https://igberetvnews.com/1381852/cryptocurrency-ban-every-medium-exchange-subject-fraud-criminality-moghalu/

65 Likes 6 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by inoki247: 5:20pm On Feb 08, 2021
Leave dem... Like say people no use Western union nd Money Gram, Even Domiciliary account carry out fraud..

is just like saying because of the increase in kidnapping on the highway all road must be closed and people should stop travelling....

245 Likes 13 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by AfonjaFirstSon: 5:34pm On Feb 08, 2021
How are we sure about this news now. it could be true sha. this is Nigeria where everything is possible

5 Likes 1 Share

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by austinvsb: 5:57pm On Feb 08, 2021
Isn't this guy Igbo? Someone with his brains from the SE seems like the right pick for 2023 imho. It's high time this old clueless fools were removed from power.

133 Likes 4 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Nobody: 7:16pm On Feb 08, 2021
Most fraudsters are males.

3 Likes 3 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by brushesz: 7:16pm On Feb 08, 2021
They can't compete with the pace of crypto.

6 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Incognito403: 7:16pm On Feb 08, 2021
Yes, but some are riskier than others.

It's common sense but then...
Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Kobicove(m): 7:16pm On Feb 08, 2021
This guy wants to project himself as the saviour by publicly contradicting the CBN which was his former employer undecided

2 Likes 4 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Flexherbal(m): 7:16pm On Feb 08, 2021
True talk!

Na cryptocurrency our politicians take dey loot our money

4 Likes 1 Share

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by wayne4loan: 7:17pm On Feb 08, 2021
The federal government is hell bent on fustrating the youths angry



God bless Mr moghalu

44 Likes 2 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by bigfish3k: 7:17pm On Feb 08, 2021
Please tell these cow rearers ruling us

22 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by EmeraldKing7(m): 7:17pm On Feb 08, 2021
The FGN is just like an headless chicken running around with no direction embarassed

10 Likes 1 Share

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Scrupulous419(m): 7:17pm On Feb 08, 2021
brushesz:
F

FuFu

9 Likes 1 Share

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Sofistcatdmoron: 7:17pm On Feb 08, 2021
They should also ban Internet and mobile banking because hoodlums also use it to scam innocent citizens,so that everyone will resort to over the counter withdrawal and deposits if that is the case na grin grin grin

87 Likes 3 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by helinues: 7:18pm On Feb 08, 2021
That's true though

1 Like

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by BruncleZuma: 7:18pm On Feb 08, 2021
grin grin grin grin

Governor Masari stole 770 million naira meant for his marauding colleagues.

11 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Tunasco4u(m): 7:18pm On Feb 08, 2021
Ok
Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by vaca1: 7:19pm On Feb 08, 2021
Exactly. Crypto is the easiest way for a common man to make money fast that's why they are coming after it. The poor have stopped looking up to them for crumbs and they are worried. They want to squeeze us dry. This is dogecoin 's fault. Made so many millionaires overnight

10 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Gammfreak(m): 7:19pm On Feb 08, 2021
Dont mind the mumu FG.....in just 2yrs, we will have financial freedom if we vote for the right person

10 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Mykelhendriz: 7:20pm On Feb 08, 2021
The future is cryptocurrency, take it or leave it!

If the world richest man can invest in cryptocurrency, who am I that won’t also invest in it?! When kidnappers was taking ransom in naira notes why wasn’t the naira banned?!

Since it is beyond their control and they can’t loot it they decided to ban it

What a country

37 Likes 3 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by AerialMapper: 7:20pm On Feb 08, 2021
Today i had 1,020,000 equivalent in my crypto wallet, my car needed urgent repairs. I withdrew 64,000 naira. I currently have a balance of 1,008,000!

How is this possible? This is what keeping your money in crypto does!!!

Stop making the government feel important; their ban has no effect on trading or receiving funds!

61 Likes 5 Shares

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by matex97(m): 7:21pm On Feb 08, 2021
Minister of cowtocurrency affairs and obselete social media app , Adamu Garba will soon counter Moghalu's statement. Lol

5 Likes

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by contigiency(m): 7:21pm On Feb 08, 2021
Because he is no more there. Coupled that he needs to dance to the gallery to help his political career.

1 Like

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by wayne4loan: 7:21pm On Feb 08, 2021
sapphiere:
Most fraudsters are males.
Oga are u retardedd or trying so hard to act stupid

21 Likes 1 Share

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by SeriouslySense(m): 7:21pm On Feb 08, 2021
lol, they are coming for you, just prepare, na Nigeria you talk the future is female, lol
sapphiere:
Most fraudsters are males.
Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by FastLane25(m): 7:22pm On Feb 08, 2021
them dey talk as if crypto is the currency increasing the fraud..
Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by yesloaded: 7:22pm On Feb 08, 2021
Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by Nobody: 7:22pm On Feb 08, 2021
No one seems to think deep in this administration. Government officials will sleep and have a nightmare, wake op one day and announce a policy without thinking. Pathetic!!

1 Like

Re: Cryptocurrency: All Exchange Mediums Are Subject To Fraud & Criminality- Moghalu by lkillbrokehoes: 7:22pm On Feb 08, 2021
sapphiere:
Most fraudsters are males.
Smh

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