A former presidential aspirant, Kingsley Moghalu has stated that criminal elements now adopt cryptocurrencies as a mode of payment.
He stated this on Tuesday at the Cybertech global conference in Dubai, United Arab Emirates (UAE). According to him, the digital currency became attractive to criminals because it cannot be traced by regulatory agencies.
The former deputy governor of the Central Bank of Nigeria (CBN) said although cyber fraud remains a significant threat to fintech, the level of trust in fintech in Africa is much higher than in other parts of the world because it addresses the continent’s basic problems.
“Cryptocurrency has become attractive to kidnappers and terrorists who demand to be paid ransom in the currency because it is not easily traceable and is uncontrolled by governments and central banks,” Moghalu said.
Nigeria is the third largest cryptocurrency market just after United States and Russia with over $400 million in trades in 2020, despite the CBN ban on its operations in Nigeria.