A pioneer professor of Cryptocurrency Finance at the Michael Okpara University of Agriculture, Umudike, Abia State, Professor James Chinedu Ihemeje has advocated for the use of cryptocurrency officials in government transactions in order to encourage its usage among Nigerians.
He charged the Central Bank of Nigeria and the Securities and Exchange Commission to come up with an effective regulatory framework to allow it to function in the country.
Professor Ihemeje gave the advice while delivering the 61st inaugural lecture of the university titled “Cryptocurrency Investment in Nigeria: Stabilising future value of money for Sustainable Development”.
He explained that cryptocurrency is not the same thing as Ponzi schemes, as it was being misconstrued by some critics, adding that Nigerians should be vigilant not to fall into scammers online.
The inaugural lecturer also dismissed insinuations that cryptocurrency will replace the use of paper money and lead to the loss of jobs in the Central Bank and other financial institutions, saying both can exist side by side.
He said, “There is palpable fear at the Central Bank of Nigeria, about Crypto cryptocurrency system of transactions because of the implications it may pose to its officials can result in job loss or a reduction in their functions
“There was no need for such fear, as cryptocurrency can still exist side-by-side with paper money, as it is done in the United States of America and other developed economies. It can be used to stabilise the Nigerian economy.
“The CBN, the Security and Exchange Commission should just go into a regulatory framework of Cryptocurrency and allow it to flow. No country, no government and no Central Bank controls it.
“It is controlled by blockchain computers. The CBN is afraid because they may lose part of their jobs. But the Federal government should adopt it, and they should go into an effective regulatory framework so that if anybody abuses the system, the law will catch the person “.
In his remarks, the Vice Chancellor of Michael Okpara University, Professor Muduebibisi Iwe, said he is interested in policies that will stabilise the Naira currency and the economy at large.