Regulation

People Of Nigeria Fight Back Against The Cryptocurrency Restrictions

nigeria's senate, ban, central bank, bitcoin, btc

The People of Nigeria fight back against the cryptocurrency restrictions and on the idea of how the banking sector works. CBN reminded regulated financial institutions that the 2017 regulation bans them from facilitating crypto transactions or facilitating payments for exchanges as we can see more in our crypto news today.

The press release that the bank provided read:

 “Cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion. Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of  the  widespread  use  of  cryptocurrencies  for  illegal  activities.”

Limiting the ability of investors to operate via the Nigerian Financial clearinghouses to purchase, sell, or trade crypto means that the bank ignored the popularity of crypto trading within the country and even made serious arguments that crypto proponents are erroneous. For example, CBN claimed that the nation of China banned all cryptocurrencies which were not accurate, and then in a bid towards the influence of the Western sentiments, the CBN mentioned Warren Buffet and his relations to crypto. However, the bank didn’t say that Berkshire Hathaway made serious blockchain investments and Buffet’s stance on crypto is a thing of the past.

According to the activity accounts that lead to the abolition of SAARS, the organization for the protests started using BTC and crypto as they found themselves unable to use traditional banking services or fundraising avenues. Many believe that the central bank actions will rise in P2P trading beyond the reach of bank jurisdictions while Decentralized finance will give them the keys to get around these actions of punitive governments.

nigeria's crypto ban, exchanges, traders, investors,
FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

Around the African continent, the use of new digital currencies and fintech solutions is surging as there’s a common interest in decentralized finance that is growing. One example is Jelurida Africa where the recent Africa Blockchain Developer Call Series program was promoted and more people got into it. the People of Nigeria enjoyed Jelurida Africa as they were engaged in a prelaunch of the project testing and other goals before the expansion to other African nations. The managing director Adedayo Abedajo said:

 “My question is, will the CBN reinstate the cryptocurrency support if the fundraising is carried out in support of the sitting government? Situations like this provide more reasons why decentralization, as offered by the blockchain technology, is highly required in Africa.”

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