Cowtocurrency: ‘Cow Ranching Business More Lucrative Than All Cryptocurrencies’ – Ex-Presidential Aspirant, Adamu Garba
Adamu said this in reaction to the Central Bank of Nigeria’s directive to banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
The apex bank on Friday gave the directive in a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).
The controversial businessman who took to Facebook to air his view on cryptocurrency business wrote that many people have lost money in Crypto schemes, which they would have avoided if they invested in cattle ranching.
Garba said the initiative was a good move and advised Nigerian youths who had hitherto invested in cryptocurrency to diversify and invest in the cattle business instead.
He insisted that;
With the banning of Crypto transactions, I believe The CBN is taking proactive measures to protect Nigerians from fraudsters who deceive ordinary citizens & rid them of their earnings. Crypto traders supposed to be regularised so that they can be tracked in the event of cheats.
I’ve had encounters with many Nigerians who claimed to have invested fortunes in Crypto Business without understanding the basic principles of Blockchain. Some people even call Crypto ritual money due to its alleged profitability. It is hard to separate those thinkers from MMM. We must learn our lessons from fraudsters who also guise on the platform of more & deprive you of your little.
We’ve had MMM, Binomo, etc, all these ended up badly for some of us.
CBN didn’t prohibit crypto in Nigeria, they simply asked Nigerian financial institutions not to take part pending regulation.
You know the issue with dolarizaton of Nigerian financial space, crypto activities on Nigerian banks helps to further create scarcity of forex, hurting legitimate businesses involving labor practices in favor of people on their screens.
Another issue is the middlemen claiming to be in crypto trading, using these channels to defraud unsuspecting Nigerian citizens. Everyone can do trade on crypto but not through Nigerian financial system. This i believe is a sound policy that need to be supported. Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment. Cow Ranching business is more lucrative than all cryptocurrencies combined. Lol.