Business
Be Cautious Of Cryptocurrency, NDIC Tell Nigerians
Nigerians have been advised to exercise maximum caution in the adoption of cryptocurrency as their preferred mode of financial transactions.
The advice was given by Umaru Ibrahim, the Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC).
Speaking via statement signed by Sunday Oluyemi, NDIC’s Director of Communication and Public Affairs, Ibrahim, said that the various forms of digital currencies currently in operation have their positive and negative attributes. He therefore called on those patronising Cryptocurrency to be careful as they risk losing their savings because the medium is largely unregulated and without the backing or support from the traditional Central Banks in almost all financial jurisdictions.
He noted that as the entire world currently exploited ways of mainstreaming its use into the global financial landscape, NDIC and other safety-net participants in the country must not be left behind in the adoption of appropriate regulatory framework to deal with the prevalence of crypto currencies in the global financial space.
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