Bitcoin has made our currency almost useless and worthless “- Senator Sani Musa (video)
Senator representing Niger’s East Niger Senatorial District, Sani Musa, said the cryptocurrency had rendered Naira almost useless and worthless.
The senator said Thursday, February 11, during a plenary session as he and other lawmakers discussed the central bank’s decision to ban the use of digital currency in Nigeria.
“Cryptocurrency has become a worldwide transaction, and you can’t even determine who owns what. It is protected by an application or blocked by a blocking chip. The technology is so powerful. I don’t know what kind of regulation we can apply.
Another very important thing we should know is that Bitcoin made our currency almost useless or worthless because I can remember that about six or seven years ago my son bought three pieces of Bitcoin online, and today it comes. to tell me he has a bitcoin to sell.
Where is it because it is not physical.
He said he put it up for sale because he bought it and each sells for 17 million shekels. So, if we have a very weak economy and we cannot regulate the cryptocurrency in Nigeria, then I don’t know what our economy will be like in the next few years, ”he said.
On February 5, Apex Bank instructed all banks to close the accounts of all of its clients trading cryptocurrency. According to CBN, cryptocurrencies are used to fund crimes such as terrorism, kidnapping and others.
Watch the video of Senator Sani’s speech below;