Cryptocurrency Cannot be Deployed As a Monetary Policy Instrument - Tope Fasua
Cryptocurrency cannot be deployed as a monetary policy instrument in Nigeria. An economist Mr. Tope Fasua disclosed this in a special interview on the recent directive of the Central Bank of Nigeria, restricting banks from carrying out transactions with the digital asset.
Mr Fasua said no Central Bank in the globe is currently supporting cryptocurrency, as it has no fundamentals, is based on anonymity, lacks transparency and poses a high risk to the financial system.
He advised the operators in Crypto space to explore KYC as a way of bringing traceability and tracking of financial transactions, while noting that Cryptocurrency can be integrated as a commodity or instrument in the capital market, following the recent guidelines of the Security Exchange Commission for digital assets.