CBN lacks power to stop cryptocurrency - Archbishop Sam Zuga

Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency.

The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading.

Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest-growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers.

According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need a bank account to operate or exist.”

He wrote, "RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN!

This is not news. It has been like this since the beginning of Cryptocurrency.

But right now, Nigeria is the second highest Cryptocurrency market in the whole world, in the midst of all these criticism.

Cryptocurrency doesn’t need a bank account to operate or exist.

The same way Mobile phones and GSM dealt with NITEL in Nigeria, that is how Cryptocurrency will deal with Banks including Central Bank of Nigeria.

What central bank has done is as good as the chairman of the National Union of Road Transport Workers telling people not to travel by aircraft.

You can choose to obey or not. The banks can Only lose major customers but Cryptocurrency will not shake because. Cryptocurrency is not a Nigerian affair.

There are many Banks on the internet that Central Bank of Nigeria has nothing to do with them, but they are transacting in Nigeria Naira.

The same way they banned miracles on Nigeria TVs but there are more TV channels in Nigeria and still counting.

Our leaders are like our mothers in the villages who don’t know the nutritional value of vegetable salad and they are busy saying we are eating raw soup.

You have the right to criticize what you don’t understand.

Again, CBN has authority only over Banks operating on the soil of Nigeria but they don’t have authority over Nigerians.

Finally, when I was growing up, we know only about 2 worlds, the physical world and the spiritual world. Now we have three, the digital world has added. It will be foolishness of the highest order, if CBN is sending an email instead of a letter, using a mobile phone instead of landlines.

Using WiFi, buying things online and other digitally related activities and are pretending to shy away from digital money. They are only trying to come late in the scheme of things. When they are ready, they will call me for advice on how to revive Nigeria’s dying economy through digital money. Archbishop Dr Sam Zuga.”

Cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

Nigeria’s apex bank also warned that financial institutions who breach this directive would face severe sanctions.

Trading with Bitcoin–a cryptocurrency type–has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin and making profit for themselves.

In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for a cryptocurrency exchange is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”