Nigeria’s Central Bank Governor Likens Bitcoin To a ‘Gamble’

Nigeria’s Central Bank Governor Likens Bitcoin To a ‘Gamble’

Godwin Emefiele, the governor of Nigeria’s Central Bank has recently swollen the ranks of officials and government representatives, who express their concerns over the use of virtual money. Emefiele, in particular, compared BTC and other cryptos to gambling and said that such a phenomenon could not be supported by the national bank.

According to Bloomberg, the Nigerian top state bank governor said this in the country’s capital Abuja in the frames of an interview.

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful. We cannot as a central bank give support to situations where people risk savings to ‘gamble,’” said Emefiele.

Such claims of a plethora of officials all over the world notify that there is a huge concern over bitcoin’s unsteadiness. Last year it soared by over 1,500%, reaching the margin of $20,000 in mid-December, which was followed by a devastating crash by 30%.

Obviously, 2018 did not start well for the most known cyber coin in the world, as it was marked by several significant price gyrations and severe correction in mid-January. At that time, bitcoin reached its low of around $9,000. Lots of crypto coins skeptics started even talking about the bubble bursting.

Emefiele, in his turn, explains it by the crypto inconsistency. Moreover, he said that he asked researchers and the monetary-policy division to explore the cyber money market and learn about the problems and risks that it carries.

By the way, it is known that governments all over the worlds are concerned about the use of virtual currencies for vicious purposes, e.g., money laundering, the illicit purchase of weapons and drugs, etc. For example, recently, the UK Prime Minister Theresa May expressed her cautiousness regarding cyber money. She said that people should look closer at them in view of illegal activities, connected with bitcoin and its brethren.