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SEC recognises cryptocurrencies, Moghalu faults CBN action

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the recent action of the apex bank that Deposit Money Banks should desist from transacting in and with entities dealing in cryptocurrencies.

According to him, the Securities and Exchange Commission recognises cryptocurrencies as financial assets. SEC, which is supervised by the Federal Ministry of Finance, is the main regulatory institution of the Nigerian capital market.

The presidential candidate of the Young Progressives Party in the 2019 elections spoke on Monday while featuring on Arise TV’s ‘The Morning Show’

He said, “There is regulatory dysfunction, there is lack of regulatory coordination. The Securities and Exchange Commission recognises cryptocurrencies as financial assets and in September last year, they said they will be issuing a regulatory framework for it. So, it does look as if the right hand does not know what the left hand is doing.”

The media had earlier reported that the apex bank said cryptocurrencies promote illegal activities and raise risks, among other reasons.

But Moghalu said there was no means of exchange devoid of risk, adding that if the CBN could manage the risks of paper currency and electronic payments and other means of exchange, it should also be able to mitigate the risks associated with digital platforms such as cryptocurrencies.

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