CBN adviced; Regulate Cryptocurrency transactions rather than banning them.

The Central Bank of Nigeria (CBN) has been advised by experts from different standings to un-ban trades with cryptocurrency. CBN has been urged to instead set regulations and put measures in place to regulate transactions involving cryptocurrency in Nigeria.

Mr. Senator Ihenyan, the current president of Stakeholders in the Blockchain Association of Nigeria (SIBAN) is said to have made efforts since 2017 to convincing CBN to see reasons to regulate the Crypto market in Nigeria but has had no positive results to date.

He opined that this same approach has been applied by developed countries like the United States, Singapore, Iceland, and Malta. He also points out that countries like Iran, Bolivia, Cambodia, Saudi Arabia, Nepal, Ecuador of whom CBN according to him claimed to have restricted Crypto trading are all deep and strongly rooted in the digital currency market. The same can be said about other developed countries like UK, Canada, Japan, Portugal, the USA, South Korea, France, etc. especially Germany who recognised bitcoin as a means of payment or transaction since 2018.

Central Bank of Nigeria (CBN), has since then issued statements reiterating that all banks in Nigeria have for long be forbidden from holding, trading, or using cryptocurrency. So as such, it can be said that no new restriction was or has been placed on cryptocurrency.

The said ban has actually affected lots of businesses and individuals negatively, both in the national and international market. Firms, companies, or organisations who are into the business of trading digital currencies and investing users’ funds in business has since been greatly affected by these policies or ban by CBN. In the light of the above, firms such as Quidax, Luno, Buycoins, etc. have since restricted or suspended users from making deposits in naira across their various platforms.

What is the way forward and how does this affect the economy of this great country Nigeria?