Blockchain Industry Coordinating Committee of Nigeria (BICCoN), has drawn the attention of the Central Bank of Nigeria to the consequences of continued ban on cryptocurrency trading in the country.
The Group has continued to advocate for the apex bank to review its position, stressing the recent circular restricting commercial banks from operating accounts associated with crypto trading is capable of setting Nigeria’s global competitiveness as leading crypto industry back by at least 5 years.
“ We believe that the consequences of this—particularly for the already depressed Nigerian economy—does not hold any promise but economic regression in the second wave of a biting Covid-19 pandemic,” BICCoN said in a press statement made available to TechEconomy.ng.
BICCoN speaking through the General Secretary, Senator Ihenyen, warned that if not reviewed or reversed, the CBN ban on banking and other financial services to persons and/or entities involved in cryptocurrency trading and cryptocurrency exchange services in Nigeria may make Nigeria lose out on the following opportunities:
“Become a powerhouse for global blockchain & cryptocurrency industry, attracting investments into the country and creating jobs for the ever-growing young and innovative population of Nigeria;
“Boost remittances to Nigeria by adopting an innovative, risk-based regulation of cryptocurrencies in other to better capture cryptocurrency inflows into the country;
“Become a business-friendly hub for blockchain & crypto innovations from all across Africa;
“Leverage on cryptocurrencies to enable and expand financial inclusion in the country;
“Encourage and challenge Nigeria to invest in research in blockchain & cryptocurrency use cases in the financial services industry, including cross-border transactions, clearing and settlements; crowdfunding; credit reporting; digital identity verification against fraud; stock exchange and share trading; syndicated lending; accounting, bookkeeping, and audit; peer-to-peer transfers; and trade finance platforms;
“Encourage and challenge Nigeria to invest in learning, capacity building, and development, underscoring the need for a national blockchain policy in order to achieve economic competitiveness and
“Make Nigeria better prepared and positioned for a new global system of CBDCs, stablecoins, and other applications of blockchain & cryptocurrency innovations.