The Cryptocurrency Controversy... Is Cryptocurrency truly the future of Universal transactions

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Reading through news head lines today, I found a post on the Central Bank of Nigeria (CBN) governor Mr. Godwin Emefiele giving his view in the current trends of the currency on the Nigerian market. His statement goes thus;

“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".

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He further added that Data from LocalBitcoins, a Bitcoin start-up company, showed that Nigeria came second in the world’s peer-to-peer (P2P) Bitcoin transactions last year outpacing major European countries, the United Kingdom and the United States of America.

This is an interesting fact. It shows that a lot of Nigerians are already trading with Cryptocurrencies thereby bypassing the Nairaland in both local and international trade.

##THE ULTIMATE QUESTION
Is the statement of the CBN Governor in person of Mr. Godwin Emefiele actually in the interest of of all Nigerians or is it a gimmick to protect the already watery Nairaland?

In his statement, he referred to investments in Cryptocurrency as a gamble. My question is;

is there any there any currency that investing in doesn't amount to gambling?

This is a question that needs to be answered.

##My Opinion
In my personal opinion, Cryptocurrency is the future. Doing anything to hamper trading with this currency will only be a futile effort just like nothing could have been done to hinder technological advancement.

Cryptocurrency will remove the rigours of currency conversion in cases of international trade and will also give those who possess it an edge.

Emefiele seems to be threading the path of some other countries such as South Korea and Canada in discouraging the use of this currency.

I do not insinuate that investing in cryptocurrency doesn't come with its own risks, I just feel that people should be advised to invest carefully rather than out rightly discouraged.

Till next time, I remain @korexe.
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