NDIC Warns Against Adoption Of Cryptocurrencies

The Managing Director, Nigeria Deposit Insurance Corporation, Umaru Ibrahim, on Thursday called on Nigerians to exercise caution in the adoption of cryptocurrencies as their preferred mode of financial transactions. He warned that while various forms of digital currencies currently in operation have their positive and negative attributes, those who patronise them risk losing their savings. He said the warning became imperative because crypto-currencies were largely unregulated and without the backing from the traditional central Banks in almost all financial jurisdictions.

The NDIC boss said these during a courtesy visit by the board and management of the corporation to the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, in his office at the National Assembly Complex, in Abuja. The Chairman of the Board of NDIC, Mrs Ronke Sokefun, told the Speaker that the NDIC remained a critical player in the Nigerian financial safety net.

(Punch)