CowToCurrency? Adamu Garba wades into the cryptocurrency controversy
On Friday, the Central Bank of Nigeria issued a letter, instructing all banks and financial institutions to close accounts “dealing in cryptocurrencies or facilitating payments for cryptocurrency”.
Former Presidential aspirant, Adamu Garba has given his opinion on the cryptocurrency controversy.
In his tweet, he stated that many people have lost money through cryptocurrencies which he described as a “shortcut business”. He also advised Nigerians to invest in real assets like cows.
The presidential aspirant added that “Cow Ranching business is more lucrative than all cryptocurrencies combined.” Here’s what he wrote on Twitter:
With the banning of Crypto transactions, I believe The CBN is taking proactive measures to protect Nigerians from fraudsters who deceive ordinary citizens & rid them of their earnings. Crypto traders supposed to be regularized so that they can be tracked in the event of cheats.
I’ve had encounters with many Nigerians who claimed to have invested fortunes in Crypto Business without understanding the basic principles of Blockchain Some people even call Crypto ritual money due to its alleged profitability It is hard to separate those thinkers from MMM.
We must learn our lessons from fraudsters who also guise on the platform of more & deprive you of your little. We’ve had MMM, Binomo, etc, all these ended up badly for some of us. We must learn to value our earnings through hard work, not some dubious shortcuts. God save us.
We complain of lack of industries, jobs, infrastructure, etc, yet Nigeria is now the No.2 bitcoin market in the World, which value for Nigerians is in these $566M traded volumes? Nothing, no productivity, only financialization This is bad for the economy.
Note ooo, if you choose to continue to trade in Crypto, what I think the CBN says is that you should not use Nigerian Financial Institutions. You are therefore free to jump to your favorite Ghana or Rwanda and do your Crypto trading, CBN doesn’t stop you from doing it offshore.
Calm down Nigerians, not every Govt policy is bad. No one can be able to regulate any solution running on Blockchain technology, not crypto. The only issue is unregulated behaviour of the middlemen acting as brokers capable of defrauding unsuspecting citizens. Calm down!!
Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment. Cow Ranching business is more lucrative than all cryptocurrencies combined. Lol.
CowtoCurrency! The real deal!!