Cryptocurrency has made our currency almost useless and valueless - Senator Sani Musa

Following the ban on cryptocurrency accounts in Nigeria, Senator Sani Musa representing the Niger East Senatorial District has stated that the use of cryptocurrency has devalued the Nigerian currency.

He made this statement on Thursday, February 11, 2021, during a debate with other lawmakers on the CBN's decision to ban the use of digital currency in Nigeria.

''Cryptocurrency has become a transaction of which you can not even identify who owns what. It is being protected by an app or stuck to a bloc chip. The technology is so strong. I don't know the kind of regulation that we can do.

Another very important thing that we should know is that Bitcoin has made our currency almost useless or valueless because I can remember that about six or seven years ago, my son bought three pieces of Bitcoin online and today, he is coming to tell me that he has Bitcoin for sale.

Where is it because it is not physical.

He said he has it on sale because he has bought it and each one is going for N17 million. So if we have an economy that is very weak and we cannot regulate Cryptocurrency in Nigeria, then I don't know how our economy will be in the next few years.''

The Central Bank of Nigeria on February 5, 2021, directed all banks to close all accounts of any customer trading in Cryptocurrency. Adding that Cryptocurrencies are being used to finance crimes such as Terrorism, kidnapping, and others.