Cryptocurrency Ban: Senate Invites CBN Governor, Godwin Emefiele

CBN Governor- Godwin Emefiele

CBN Governor- Godwin Emefiele

The House of Senate has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy.

According to a Channels Television report, 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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