Godwin Emefiele’s Cryptocurrency Speech, 3 Points To Note

February 25, 2021

Citizen is a column that explains how the government’s policies fucks citizens and how we can unfuck ourselves.

You remember a few weeks ago when the Central Bank Of Nigeria issued a policy that bans commercial banks in Nigeria from engaging in any cryptocurrency-related transactions?  Well, I am pleased to inform you that, in spite of all of our shouting and outrage and dragging, CBN still has us on an aired dfkm level and it seems the ban is here to stay.

Why? On February 23, the CBN governor, Godwin Emefiele came out with a new statement on the cryptocurrency ban. This statement, which Nigerians online are outraged by per usual, was made during a Senate Committee on Banking and offered new reasons why the ban will remain and how the CBN perceives crypto-currency in general. Below, we provide three points from his speech, and all we can say is we are really in God’s hands at this point.

The Ban Is Not Getting Reversed.

We meant it when we first said that. If you were hoping that the CBN would have come to realize the importance of Cryptocurrency in a digital world, well keep hoping. It is obvious that the Central Bank is still adjusting to how instrumental Cryptocurrency is in making money more flexible and suited for a changing world and we are just going to wait until they get with the program. Do we know how long it will take them to get it? No idea, he didn’t say. 

The CBN Doesn’t Think Crypto-Currency Is Legit Money

And no, we are not kidding. TO put it in Emefiele’s words, “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.” 

The Governor did not, however, explain in detail why the CBN considers Cryptocurrency illegitimate money. It would have been interesting to know seeing as there is documented evidence that cryptocurrency is in fact, a legit digital currency.

According To Emefiele, CryptoCurrencies Are A Tool For Dubious Transactions

Again in his words, “Cryptocurrency is used to describe the activities of traders in an electronic dark world where transactions are extremely opaque, not visible, and not transparent. These are people who deal in transactions that do not want to be trailed.” It’s the way that sounds very adamantly-ignorant-Nigerian-parent-esque for us. 

On the plus side though, the Governor made it clear that this move is to ensure the safety of Nigerian bank users and stakeholders and that it will continue to investigate cryptocurrency activities to better understand the processes involved. 

If this makes you angry, remember this is Nigeria. Whatever you see, take it like that.

Nelson

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