Nigeria’s Cryptocurrency Ban is Gaining Worldwide Attention

Nigeria’s Cryptocurrency Ban is Gaining Worldwide Attention

Crypto News News
April 1, 2021 by Elias Powell
17
It was in February when the entire cryptocurrency community in entire Nigeria was shocked by the decision made by the country’s regulator. The Central Bank of Nigeria had managed to shock even the Nigerian Senators when it re-issued an order from back in 2017. The announcement made by the Central Bank of Nigeria clearly stated

It was in February when the entire cryptocurrency community in entire Nigeria was shocked by the decision made by the country’s regulator. The Central Bank of Nigeria had managed to shock even the Nigerian Senators when it re-issued an order from back in 2017.

The announcement made by the Central Bank of Nigeria clearly stated that cryptocurrencies were to be fully banned in the country. A circular was issued by the CBN back in February to all the banks operating in Nigeria.

In the circular the regulator reminded the banks of the rule that was passed back in 2017, prohibiting the usage of cryptocurrencies in the country. The directive clearly stated that no bank was allowed to facilitate any transactions made to or from cryptocurrency exchanges.

Therefore, the directive ordered the banks to cancel and ban any accounts they had with cryptocurrency firms. The Central Bank of Nigeria (CBN) also advised all the cryptocurrency communities in the country to liquidate their digital assets at the earliest.

Despite several arguments being presented by the public, the cryptocurrency firms, and even the Nigerian Senate, the regulator is not willing to budge at all.

After all the drama and ruckus, the cryptocurrency matter in the country has managed to catch the attention of the outside world. Now that analysts and experts from the cryptocurrency industry based outside of Nigeria are talking about cryptocurrencies.

One of the senior financial analysts, David Akinwale, who is also a prominent trader in cryptocurrencies shared his shock when he heard about the incident.

He stated that he was heading for his home when his phone started vibrating and went crazy. When he checked his phone, all he could see were notifications about the CBN taking an action against cryptocurrencies.

He stated that he has been closely monitoring the performance and adoption of cryptocurrencies around the world. One country that he found making a lot of progress and development in the cryptocurrency sector was none other than Nigeria.

Even the public from Nigeria was quick to pick up cryptocurrency and blockchain technology. The country was observing huge growth and was introducing new and more products on a regular basis.

This is when the Central Bank of Nigeria did the unthinkable and he finds it extremely disappointing. Nigeria is a country that is the most promising when it comes to the cryptocurrency and blockchain industry.

It is the only country in Africa that has shown a lot of interest in cryptocurrencies and has also been setting records related to cryptocurrencies.

Now the CBN has stated that they will come up with a better and more reliable regulatory infrastructure around cryptocurrencies and until that happens, the cryptocurrencies will remain banned.