Nigeria’s Former vice-president, Atiku Abubakar has urged the Federal Government to regulate and not shut down cryptocurrency business.
The Central Bank of Nigeria, had on Friday, ordered financial institutions to shut down accounts transacting with cryptocurrencies.
The CBN said it was reminding regulated banking institutions that “dealing in cryptocurrencies is prohibited.”
Atiku in a signed statement today said, the policy prohibiting the dealing of cryptocurrencies be revisited, as now is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria.
“It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown”, he said.
He also said the economy needs an expansion and that the number one challenge facing Nigeria is youth unemployment. “In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation,” he added.
