“Cash Is Evil”: Oduwacoin Founder Lists Benefits of CBN Decision To Lift Ban on Crypto Transaction

• Oduwacoin founder Bright Enabulele has praised the CBN's decision to lift the crypto ban
• He noted that the CBN decision has the potential to herald economic growth similar to El Salvador's
• In an interview with Legit.ng, Enabulele listed several benefits of CBN's decision to the Nigerian economy

Legit.ng journalist Dave Ibemere has over a decade of experience covering business and the economy

Bright Enabulele, the founder of Oduwacoin, Africa's first native cryptocurrency, has praised the Central Bank of Nigeria (CBN) for lifting the ban on cryptocurrency transactions in Nigeria.

In an exclusive chat with Legit.ng, Enabulele said the decision marks a significant step toward embracing financial innovation and addressing economic challenges in Nigeria.

CBN lifts ban on cryptocurrency

Legit.ng reported in December 2023 that the CBN had lifted the ban on cryptocurrency transactions in the Nigerian banking system.

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Subsequently, the apex bank released a comprehensive guideline to govern the operations of bank accounts for Virtual Assets Service Providers (VASPs).

Oduwacoin founder lists benefits of CBN's decision

Speaking on the decision, Enabulele said:

"I strongly believe it’s the right step, the best move, especially in a country with high inflation. We have delayed enough. Removing the ban was a better way to end last year.

"We need a balance. This development allows foreign investments and includes those unbanked into the financial system.

"Digital currency is a financial inclusion tool, and this is what we have been pushing for with Oduwacoin."

Stressing his point on the economic power of cryptocurrency, Enabulele pointed to the success of El Salvador, which adopted Bitcoin as a legal tender.

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He added:

"Look at the GDP performance of El Salvador, and why can’t we copy them?".

"The key about crypto is that it will eliminate high transaction fees. When you allow businesses to come into your country it helps the economy.

" We are dealing with a lot of counterfeiting, and naira as we all know is a weak currency too."

Enabulele also said the move will create job opportunities, particularly for Nigeria's youth.

He said:

"I believe that for a country with the fastest growing number of youths, this will create jobs for them"

"African countries, including Nigeria, should have adopted cryptocurrency as far back as 10 years ago. We depend so much on foreign exchange, which weakens our currencies. This was why I created Oduwacoin, Africa’s first native cryptocurrency.

"Oduwacoin has pure immutability, accountability, and all."

Crypto on Nigerian currency

Expressing concern about the devaluation of national currencies, he added:

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"Our currencies are constantly devaluing. So many evils in cash transactions. When people that are not knowledgeable rule you, it pushes you backwards."

Enabulele, who is a software engineer, also touched on the corruption issue, stating that cryptos like Oduwacoin and blockchain technology bring transparency and accountability and help address some systemic challenges facing Nigeria and Africa.

He said:

"Oduwacoin has pure immutability, accountability, and all."

CBN instructs Access, UBA, Zenith, and others on crypto bank accounts, stops cash withdrawals

In another development, Legit.ng reported that the CBN banned cash withdrawals from virtual and digital asset transactions.

This was disclosed in a new document posted on the CBN website titled 'Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.'

According to the apex bank, an account opened for virtual assets will only be used for transactions involving virtual/digital assets and not for any other purpose.

Source: Legit.ng