Delta State Governor Ifeanyi Okowa has faulted the federal government for banning cryptocurrency in the country, saying it should have been studied and Nigerians advised about it.
Recall that the federal government, through the Central bank of Nigeria (CBN) in 2021 placed a ban on cryptocurrency trading in the country.
The CBN said the directive became necessary to protect the financial system and the generality of Nigerians, including the youth population, from the risks inherent in crypto assets transactions.
The regulator claimed the risks have escalated in recent times and have dire consequences for the integrity of the financial system and financial stability.
However, Governor Okowa, who is the vice presidential candidate of the People’s Democratic Party (PDP) for the 2023 elections stressed instead of outrightly banning cryptocurrency, it should have been studied and Nigerians educated about it given its unlimited potential for job creation and economic growth.
“I do not think the right thing to have done was to do a ban. What they needed to do was to study the situation then and educate our people more on it and put in regulatory processes that are workable and beneficial to our people and the government,” Okowa said.