The Federal government has been advised to adopt the use of Cryptocurrency in official transactions and to encourage its use among Nigerians, with an effective regulatory framework.
This advice was given by a Professor of Banking and Finance, Professor James Chinedu Ihemeje on Wednesday while delivering the 61st inaugural lecture of Michael Okpara University of Agriculture Umudike, Abia State.
He said that the Central Bank of Nigeria, CBN, was afraid of the Crypto currency system of transactions because of the implications it may pose to its officials.
According to Professor Ihemeje, entrenched knowledge and usage of Crypto currency in the country can result in job loss at CBN or reduction in their functions.
He, however, said that there was no need for the fear as Crypto money can still exist side-by-side with paper money as done in the United States of America and other developed economies, which he said, can stabilize the Nigerian economy.
“The CBN, the Security and Exchange Commission should just go into the regulatory framework of Cryptocurrency and allow it to flow. No country, no government and no Central Bank controls it.
“It is controlled by blockchain computers. The CBN is afraid because they may lose part of their jobs. But the Federal government should adopt it.
“They should go into an effective regulatory framework so that if anybody abuses the system, the law will catch the person,”; he stated.
Ihemeje said that Crypto currency is not the same thing with Ponzi schemes as may be misconstrued by some critics, noting that Nigerians should be vigilant not to fall into scammers online.
In his speech, the Vice Chancellor of Michael Okpara University, Professor Muduebibisi Ofor Iwe said he is interested in policies that will stabilize the Naira currency and the economy at large.
