CBN Cryptocurrency ban update: Nigeria Senate table CBN Crypto-currency ban update
Nigeria senate don do serious tok-tok about di decision of Central Bank of Nigeria to stop Financial Institutions from transacting in Cryptocurrencies.
For dia plenary on Thursday, February 11, some senators tok dia mind and wetin dem think about Cryptocurrencies transaction for di kontri. At di end of di tok-tok, di Senate come decide to Mandate di Committees on Banking, Insurance and oda Financial Institutions, ICT and Cybercrimes, and Capital Market to invite di CBN Governor for briefing on di opportunities and threats of di Crypto currency on di kontri economy and security and to report back findings within two weeks. Here some of di senator views about Cryptocurrency ban in Nigeria "For di last five years, we don get pipo wey dey change cryptocurrencies to over 500 million dollars. e dey good to ban because of di challenges e carry come; in reality, banning it no go take am away." "Even our Security Exchange Commission (SEC) also recognized cryptocurrency as financial asset deyy need to regulate. What we should do na to invite di major stakeholders to public hearing," Senator Abiru tok "I dey strongly against di outright ban of dis medium of exchange by di Central Bank of Nigeria (CBN). What di CBN should be telling Nigerians na di regulations wey dem don put in place to regulate di activities of di operators." "All over di world, these cryptocurrencies dey regulated. Di operators of dis so called currency dey everywhere." "I go like tell dis Senate to allow di regulators also to be invited so dat dem go fit also tell di Committees dia own position concerning di operation of cryptocurrency in Nigeria.- Senator Adeola tok. "Cryptocurrency don become worldwide transaction of which you cannot even identify who owns what. Di technology dey so strong dat I no dey see di kind of regulation wey we fit do. Bitcoin don make our currency almost useless or valueless. "If we get economy wey dey very weak and we no fit regulate cryptocurrency in Nigeria, then I no know how our economy go be for di next seven years," Senator Sani Musa tok. "We no create Cryptocurrency and so we cannot kill am and cannot also refuse tomake sure say e work for us. Dis children dey do great business with am and dem dey get result and Nigeria cannot hide demsef from dis sort of business." "What we can do na to make sure say bad pipo must not use am. Dis motion na most important to us. Di time don come for us to harmonize all di issues concerning cryptocurrency," Senator Biodun tok.