Most cryptocurrency transactions are illegitimate – CBN Governor

THE CBN governor, Godwin Emefiele, has stated that most cryptocurrency transactions are illegitimate, and he was not astonished about the fall of Bitcoin

Emefiele made the statement during the monetary council meeting on Tuesday, May 25.

Governor Emefele was asked if he had a sense of consolation about the plunge in Bitcoin; he responded that research conducted by the CBN has shown that most cryptocurrency transactions are illegitimate.

The CBN boss further stated that under the Bitcoin cryptocurrency transactions, Nigeria comes second but in the global size of the economy, it is 27th.

Comparing the size of Nigeria’s economy with the growth of cryptocurrency transactions, Emefiele 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.”

He stated further that the apex bank is still working on their data and will make it available to the public soon.

Amefiele also said that Elon Musk, who is the major supporter of Bitcoin, has through his recent tweets, shown strong scepticism about the crypto transactions, hence the public should be wary.

The CBN governor raised concerns about the ease of generating wealth through cryptocurrency which may not translate to the growth of the real sector of the economy.