Kingsley Moghalu, a presidential aspirant in the 2023 Nigerian election has expressed his belief that cryptocurrency transactions in the country should be unrestricted.
According to Moghalu, cryptocurrency’s operation in Nigeria “should be risk-managed”.
Moghalu argued that cryptocurrency is a source of living for many Nigerian youths, thus the government should not keep it under total control.
“I believe that #cryptocurrency (#Bitcoin , others) should not be restricted in Nigeria, but its operation should be risk-managed. It’s an asset like any other in today’s world. Many Nigerians use it to hedge against inflation and devaluation, or just to earn investment value.
“Crypto provides a living for thousands of Nigerian youth for whom our unproductive oil-dependent economy offers little if any opportunity. We should think forward not backward in a country where the youth make up nearly 70%of the population,” Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) wrote on his verified Twitter handle on Monday.
POLITICS NIGERIA reports that no specific regulation in Nigeria has declared cryptocurrency trading illegal or criminalized it. The CBN’s financial market’s regulator, does not recognize cryptocurrencies and hence does not have a regulatory framework or licensing regime in place for cryptocurrency operators.
Types of cryptocurrencies include Bitcoin, Litecoin, Ethereum and Dogecoin.
