Godwin Emefiele Under Fire For Describing Cryptocurrency As Money Created Out Of ‘Thin Air’ (video)
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has come under heavy censure for describing cryptocurrency as money created out of ‘thin air’.
The CBN governor made this remark while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market.
Emefiele said cryptocurrency is used to describe the “activities of players in an electronic dark world”.
CBN governor further stated that people who deal in cryptocurrency transactions are those who do not want a trail and who cannot be trailed.
He expressed;
I’m sure that these definitions are scary enough to create anxiety for any regulator or central bank in any part of the world.
In a now-viral video of Emefiele speaking before the panel as sighted by MDB, he said;
Cryptocurrency is an electronic or digital currency that is issued by largely unknown, unregulated elements using computer codes that are basically meant to encrypt or hide information about the transactions and the operators. And in the sense, it is money that is created out of thin air.
Cryptocurrency is used to describe the activities of players in an electronic dark world, where transactions are extremely opaque, they are black; they are not white, they are not visible and they are not transparent.
The CBN Governor continued;
In another parlance, these are people who deal in transactions that not only do not want a trail but indeed by its nature cannot be trailed. I’m sure that these definitions are scary enough to create anxiety for any regulator or central bank in any part of the world.
See the video of CBN Governor’s briefing on cryptocurrency that got him trendingpic.twitter.com/D1oozA6rsG
— Instablog9ja (@instablog9ja) February 25, 2021
It would be recalled that CBN in a circular to banks and other financial institutions on February 5 ordered the closure of all accounts that transact in cryptocurrency.
Read Also: Outcry Greets CBN’s Order Directing Banks To Close Accounts Related To Cryptocurrencies
According to CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.
The order however sparked angry reactions from many Nigerians especially youths, who called for a reversal of the decision.
Following this, Senate the summoned the Governor Emefiele and Director-General of Security and Exchange Commission, Lamido Yuguda to brief the panel on the opportunities and threats of the cryptocurrency on the nation’s economy.
Read Also: Senate Summons CBN Governor Over Cryptocurrency Restrictions
Nigerians, especially youths, who were displeased with the CBN Governor’s definition of cryptocurrency before the panel have now taken to social media to berate him.
See some reactions from Twitter users below;
CBN Governor Emefiele an Alumnus of Havard talking about Cryptocurrency like an illiterate making it seem like Anti Christ’s Currency. Mans talking about Dark World when we haven’t had constant light for 60 years, you are worried about the wrong DARK WORLD
— Odogwu (@Daddy_Nomso) February 25, 2021
CBN Governor is angry they don’t have enough money to trade Foreign exchange because Nigerian youths now hardly keep their money with banks.
Stamp duty charges for a whole year can buy me Christmas chicken, bossman. I’m wiser
— Fairly used boyfriend (@brysonadahcole) February 25, 2021
CBN Governor banned crypto transactions with Nigerian banks because money created out of thin air and the idea of DECENTRALIZATION doesn’t sit right with him,this country is a badly written joke
— Dehkunle of Africa (@Dehkunle) February 25, 2021
I don’t think a CBN governor should be reading from a book to define cryptocurrency.
— Agboola Peter (@baba_Omoloro) February 24, 2021
I don’t think the CBN Governor fully understands the concept of money…. But hey, he can do no wrong. He is the CBN Governor.
Lool out of thin air.
— Morris Monye (@Morris_Monye) February 25, 2021
The CBN was pushing for Cashless policy before. We accepted and embraced cryptocurrency. Now CBN Governor says its money created out of thin air because they dont get their stupid charges from the transactions. You go finish one pack of Bigi watching naija as a movie
— Salman (@NotJustSalmanPR) February 25, 2021
When I saw CBN Governor trending, I knew nothing good could be happening.
He said cryptocurrency is made out of thin air but forgot we were made out of dust, almost thin air too.
This Naija na movie wey you go need settle down with Fearless Energy Drink to watch
— AdewalePresh (DJ Cuppy Future Husband) ❼ (@sarcasm_presh) February 25, 2021
Your CBN governor said cryptocurrency is created from thin air
I am rolling.
This man has children oooo
May our parents not disgrace us like this in public sha— Valar Morghulis (@anwan_ab) February 24, 2021
CBN Governor, Godwin Emefiele actually thinks that Cryptocurrency is created out of thin air. A whole Central Bank Governor??
I go soon leave this country for una.
— Elvis Tunde ➐ (@Tunnykvng) February 25, 2021
I must say that i am disappointed with the Nigerian CBN Governor after listening to his explanations on cryptocurrency.
Bit coin is now a legal tender in well over 50 countries of the world yet we are banning it in ours.
No wonder the country’s economy keeps entering recession— AURA⭕COOL (@TWEETORACLE) February 25, 2021
At this point with what I heard the CBN Governor say, if you’re in your 20s, it’s criminal to remain in Nigeria, please leave.
— (@mrrebelxo) February 25, 2021
Why your CBN Governor is making a mess of himself, here what his Kenyan counterpart is doing pic.twitter.com/sYHFjR3vvO
— Pastor Clinton (@Zaddy_Clinton) February 25, 2021
If the CBN Governor could read to define a simple term as Cryptocurrency, who are you not refer to read from your notes during a presentation?
— Auditor SUN (@AuditorSUN) February 25, 2021
Cryptocurrency is used to describe the activities of players in an electronic dark world…”
Brains cemented with a central bag of cement.
CBN Governor
— Franklin (@Frankli53562648) February 25, 2021
