Nigerian Deposit Insurance Corporation warned about the Risks of Cryptocurrency

Nigeria’s Deposit Insurance Corporation (NDIC), which deals with deposit insurance in Nigeria’s banks, issued an official letter warning of the risks of cryptocurrency.

NDIC CEO Umaru Ibrahim (Umaru Ibrahim) stressed that relying on cryptocurrency is very risky, since they are not regulated and not supported by the central banks of most countries.

Ibrahim also raised this topic at a meeting of the Board of Directors of NDIC with the Speaker of the House of Representatives. At the same time, the speaker, Femi Gbajabiamila (Femi Gbajabiamila), expressed confidence in the need to regulate cryptocurrency and participate in the emerging global cryptocurrency market.

“NDIC and other participants in the insurance market in Nigeria should not stand aside from adopting the appropriate regulatory framework to address the prevalence of cryptocurrency in the global financial space,” Gbadjabiamil said.

Nigeria is
one of the leaders in search queries with the word bitcoin in google. Also requests for cryptocurrencies are most often received from South Africa, Austria, Switzerland and Ghana.