Senate Summons the CBN Governor over Cryptocurrency Ban

Godwin Emefiele

Senate Summons the CBN Governor over Cryptocurrency Ban

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been invited by the Nigerian Senate to brief its committee on the new ban on cryptocurrencies.

The apex bank in a statement released on February 5, ordered all banks to close accounts of anyone who transacts in cryptocurrency. In another statement released on Sunday, February 7, the bank said 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.

The decision of the Senate to invite the CBN governor is sequel to a motion by Senator Istifanus Gyang during plenary on Thursday, February 11, on the CBN’s directive to block financial companies from trades and matters resulting from cryptocurrencies.

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

They argued that the way business is done in Nigeria has changed technologies and the country will not shy away from cryptocurrencies. What any of them have been asked to say is legislation.

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