Most cryptocurrency transactions are illegitimate – Emefiele

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Godwin Emefiele, governor of the Central bank of Nigeria has said that most transactions conducted in cryptocurrencies are illegitimate.

The CBN governor said this on Wednesday at the monetary council meeting according to Nairametrics.

Emefiele was asked if he had a sense of consolation about the plunge in Bitcoin, and he responded by saying that the CBN has conducted research to show that most cryptocurrency transactions are illegitimate.

The CBN governor further revealed that under the Bitcoin cryptocurrency transactions, Nigeria comes 2nd but in the global size of the economy, Nigeria comes 27th.

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Speaking further on the growth of cryptocurrency transactions compared to the size of the economy, he said, “Do you think that they would allow you to grow your cryptocurrency business to the second position if what is inside is the big deal that is going to profit everyone? It is not that simple.”

Emefiele further said that the CBN is still working on its data and will make it available to the public soon.

He, however, warned that people should be wary of Bitcoin following the rollercoaster movement of Bitcoin propelled by Elon Musk’s tweets, saying that the major supporter of Bitcoin, Elon Musk, has shown strong skepticism in recent times.

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