The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy.
The lawmakers made the resolution following a motion titled: “CBN’s decision to stop Financial Institutions from transacting in Cryptocurrencies and matters arising therefrom”, as sponsored by Senator Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru, (Lagos East).
The red chambers of the National Assembly called for caution pointing out that while cryptocurrency has its negative sides and it has become the fastest-growing form of transaction all over the world.
They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.