Investing in cows better than Bitcoin, other cryptos business – Garba reveals

A former presidential aspirant, Adamu Garba, has revealed that investing in cows is better Bitcoin or any form of cryptocurrencies business.

Newsflash had reported that the Central Bank of Nigeria, CBN, on Friday instructed commercial banks and all non-banking financial institutions to desist from dealing in cryptocurrencies and other related transactions.

The country’s apex bank further ordered banks to close all the accounts of customers transacting and dealing in Bitcoin immediately.

The information was contained in a statement released by the CBN on Friday.

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,” CBN said.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The bank also warned that it would punish offenders that violate the information.

“Please note that breaches of this directive will attract severe regulatory sanctions.

“This letter is with immediate effect,” it said.

Newsflash reports that diverse reactions have continued to trail the directive which was issued by the Central Bank of Nigeria, CBN, on Friday.

But in reacting on Twitter by the former presidential aspirant Adamu Garba, said the CBN took a proactive measure to protect Nigerians from fraudsters who deceive ordinary citizens & rid them of their earnings.

”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.

”Crypto traders are supposed to be regularized so that they can be tracked in the event of cheats.”

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