The governor of the Central Bank now has a change of heart but acknowledges that an investigation into the crypto market has to be finalised first.

In February, amid a financial crisis and alarming inflation, the Nigerian government banned cryptocurrencies in the country. At the time, the crypto adoption had climbed to significant levels, and digital assets began to settle as an encouraging horizon for small businesses and entrepreneurs against the heavily devalued naira. Three months later, the governor of the Central Bank of Nigeria (CBN) suggested that the policy could be reversed.

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This man at the helm of affair is Godwin Emefiele, who does not doubt the potential of cryptocurrencies worldwide and trusts that they will once again be legal in the country.

“We are engaged in the CBN, and I can assure everyone that the digital currency will come to life even in Nigeria,” the official tipped during a Monetary Policy Committee meeting in Abuja.

Emefiele highlighted that Nigeria ranks second among the countries with the highest volume of bitcoin (BTC) trade worldwide, while in economic terms it has 26 countries ahead. In this sense, the CBN has begun a more in-depth investigation on the ecosystem and the market functionalities, the conclusions of which will be published.

Questioning the crypto market for its relationship with illicit activities is once again a matter of debate in Nigeria.

According to the governor of the CBN.

We found that a substantial percentage of our people are getting involved in cryptocurrency, which is not the best. Don’t get me wrong, some may be legitimate,” said the governor of the CBN, before before remarking that work will be done on how to neutralize this type of profit.

Perfect Timing

This soothing news comes right at a point when Bitcoin and its crypto cohorts have been pushed to the brink in one of its worst runs in history.

The crypto industry is optimistic that this news will effect a positive change in the price of its ailing assets.

This was one which Emefiele also touched on: the latest BTC price correction. He underscored Elon Musk’s influence on the market, one which was asserted when the CEO of Tesla announced a $ 1.5 billion investment in BTC, skyrocketing the price in the process.

However, he showed the darker side of his when announced that the firm would stop accepting payments in BTC due to environmental concerns, the beginning of the crisis crypto currently finds itself in.

 

 

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