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Cryptocurrency, CBN ban and reactions from Nigerians on twitter

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The Central Bank of Nigeria in the past has shown its dislike for virtual currencies (cryptocurrency, back in January 2017 the CBN issued a circular to Banks and other financial institutions on virtual currency operations in Nigeria, stating that VC’s are untraceable and susceptible to abuse by criminals, for money laundering and could be used in financing terrorism.

Again in 2018, the apex bank came back to warn Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in the country.

Signed by its Acting Director in charge of Corporate Communications, Mr Isaac Okorafor in 2018, emphasized that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN.

He claimed that dealers and investors in any kind of cryptocurrency in Nigeria were not protected by law and may be unable to seek legal redress in event of failure of the exchangers or collapse of the business warning Nigerians to be cautious against investing in cryptocurrency as doing so would be at their own risk.

 

Its 2021, an age where the world has gone totally digital, where currencies have also gone digital and gained global attention in this “cryptocurrency”, a digital currency that can be used to buy goods and services, a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database.

You see when the rest of the world takes 100 steps forward, Nigerian Leaders takes Nigerians 1000 steps backward.

The Central bank of Nigeria on Friday, 5th of February 2021 released a circular prohibiting cryptocurrency trading in Nigeria, they have therefore warned that financial institutions who breach this directive would face severe sanctions and has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. “Taking us 1000 steps backward”.

See reactions from Nigerians on twitter

While some say government is on its way to banning Social media others think the EndSars protest that happened last year 2020 in October which left many injured and some dead (we are still asking the question “who gave the order”) has the Nigerian Government shook to the core.

I just know whatever reason they had, there are 1001 reasons why they shouldn’t have

 

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