The Central Bank of Nigeria (CBN) has been encouraged by the Blockchain Technology Association of Nigeria (SiBAN) to review its present anti-crypto stance, which prevents commercial banks and other financial institutions from processing transactions relating to cryptocurrencies.
SiBAN is a founding member of Blockchain Associations Forum (BAF).
SiBAN made this plea during a virtual summit hosted by the BAF.
Senator Ihenyen, President of Siban, asserted that the CBN’s directive prohibiting financial institutions from facilitating transactions involving cryptocurrencies impedes law enforcement agencies’ efforts to investigate and prosecute crypto-related crimes in the country because Nigerian regulators, in particular the CBN, have not yet provided or implemented a regulatory framework on such assets.
Ihenyen added that regulatory bodies should work with crypto industry stakeholders so that proper compliance with rules and regulations can be adhered to. Such steps would also encourage cooperation among different regulators and companies.
On February 5, the CBN released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.
The CBN further instructed all banks and other financial institutions to identify individuals or entities that transact in cryptocurrency or operate cryptocurrency exchanges and close their accounts.
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