In this email interview with EVEREST AMAEFULE, Mr Mayowa Owolabi, a financial market expert, trainer, trader and investor, dissects cryptocurrency and challenges the Central Bank of Nigeria to conduct enough research in order to come up with appropriate policies to guide the currency’s operations in the countryCryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Within a space of 12 years of the evolution of cryptocurrency, one Bitcoin is now more than $45,000. Don’t you think there is manipulation somewhere? Well, reading through the memo and what other economists are saying, it’s not a good one for the traders involved. For our country, it will hinder some funds moving around. This will tell on the economy. I will advise more research and better policies to be created by the CBN to help the economy in this area. I know that the apex bank has been bashed for this, but it says cryptocurrency had been used for illegal activities such as money laundering, financing terrorism and illicit drug trading.
Here is the conclusion; our financial system team has to deliver its work: research, test and implement policies that will work for this phase. More evolution will come and that is what makes the work of the team relevant; the way doctors became more relevant when COVID-19 came. Challenges are breakfast of champions.
The don't want decentralized finance
Bcos its those not fervour the North.
They are banning it cause they know many youth don't send them cause they have business they are into so they are trying to make us look like lazy youth.
God bless you oo, Owolabi.. Can please become the CBN governor, jor baba okomi.. olohun awa pelu yin..