What CBN’s new ban on crypto means for Nigerian users and the local industry

You will be aware of the recent directive by the central bank of Nigeria that dealing in cryptocurrencies or facilitating payments for crytocurrency exchanges is prohibited. This followed earlier communication by the regulators expressing concerns about virtual currencies.

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The central bank of Nigeria (CBN) has directed that all banks, non bank financial institutions and other financial institutions should identify persons and/ or entities transacting or in operating cryptocurrency exchanges within their systems and ensure such account are closed immediately.

Here Are The Reasons Behind Their Actions

1. The CBN Act recognises the Naira as the only legal tender in the Nigerian financial system.

2. It will also undermine monetary policy which is anchored on Naira money supply and demand.

3. CBN is also concerned that bitcoin valuation is excessively speculative, akin to betting, and it will not make sense to run a currency system based gambling. Why people will come charging on Emiefele over banning banks from digital currencies is inexplicable.

4. Bitcoin and other variants of digital currencies are not only unregulated the world over, but they are now used as weapons by cyber criminals. The last time cyber criminals hijacked the customer data base of one of Nigerian banks, they demanded ransoms in bitcoin before they released the database. And since bitcoin addresses are psedonymous, it is not possible to trace them.

5. The CBN cannot fold its arms and see cryptocurrency destroy the entire banking system with all the unsavoury consequences of banking crisis and bailouts. Turkey had also banned bitcoin because it was becoming a channel for money laundering on an unimaginable scale.

Note: The CBN never prevented any individual from dealing in cryptocurrency. What the CBN said was deposit money banks under its purview cannot partake in cryptocurrency because it will be illegal.

So, if any Nigerian wants to deal in digital currencies, bitcoin, or whatever, such person is free to do so, only that there is no platform for a cryptocurrency payment system. Accordingly, such a person could as well go to wherever such platform is legalised since the bitcoin market is virtual 24/7.

What do you have to say in regard of the action taken by the CBN! Comment below

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