He said, “There is need for regulatory intervention in cryptocurrency trading. Some people have used digital currency and assets to commit huge corruption, money laundry and terrorism financing. Imagine if a kidnapper takes a ransom and converts it into digital currency; it’s always difficult to trace. “Many people have lost money through cryptocurrency trading unlike in a bank depository scheme where your money is insured in case of any eventuality. Who is guaranteeing digital currency; you don’t even know the people who created them.

Source: Punch September 22, 2021 23:15 UTC