Cryptocurrency Ban: It is for the Best Interest of Nigeria, CBN Gov. Emefiele Tells Senate Committee 

Emefiele

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele on Tuesday honoured the invitation by Senate to defend the ban on cryptocurrency trading in the country.

A Channels Television report sites, the decision of the Senate to invite the CBN governor is sequel to a motion by a Federal Lawmaker Senator Istifanus Gyang during plenary on Thursday, on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies and matters arising from them.

In their contributions; Federal lawmakers called for caution pointing out that while cryptocurrency has its negative sides and it has become the fastest-growing form of transaction all over the world.

They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.

The CBN had on February 5, 2021, ordered all banks to close accounts of anyone who transacts in cryptocurrency.

The order was contained in a circular to banks and other financial institutions, signed on Friday by the Director of Banking Supervision, Bello Hassan, and it is expected to take effect immediately.

 


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