NESG urges FG to study, check excesses in cryptocurrencies

 The Nigeria Economic Summit Group (NESG) has called on the Federal Government to carry out comprehensive study on the workings of cryptocurrencies to check financial excesses.

Mr Laoye Jaiyeola, Chief Executive Officer of the group gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.

Jaiyeola spoke on the recent ban on cryptocurrencies transactions imposed on commercial banks by the Central Bank of Nigeria (CBN).

“Cryptocurrencies transaction is a challenge that people grapple with all over the world. While we institute the ban, we should undertake a comprehensive study to understand how it works.

“We have been told that cryptocurrencies can easily be deployed to fund criminal activities, but it has come to stay, and if we are going to allow it in future, we should start learning about it now,” he advised.

Jaiyeola also said that the Federal Government’s plan to borrow from unclaimed dividends and dormant bank balances to fund the 2021 budget deficit should not cause apprehension among Nigerians.

“The monies are with the banks already, and the banks are investing them. Any day the owners show up to claim their money they will be paid with interest.

“They are earning interests, whether with the government or with the banks,” he said. (NAN)