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Senate Nigeria Summons CBN Concerning the Recent Regulations On Cryptocurrency, Bitcoin

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The Senate has issued a mandate to CBN to appear at the Senate House concerning its recent strict regulations on cryptocurrency operators in the country. 

Senate mandated its Committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market to invite the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele to explain the reasons behind the recent strict regulations on cryptocurrency operators and crypto traders. 

This new development was disclosed by the Senate in a recent tweet today after Thursday’s plenary session.

According to the National Assembly, the Financial Committees of the Senate House are expected to enquire from Emefiele on the opportunities and threats of Cryptocurrency on the Nigerian economy and give feedback in two weeks.

It tweeted, ” Senate resolves to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for a briefing on…

“…the opportunities and threats of the Cryptocurrency on the nation’s economy and security and to report back findings within two weeks.”

“We didn’t create Cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting results and Nigeria cannot immune itself from this sort of business.” 

What you need to know

On February 5, 2021, the Central Bank of Nigeria has notified Money Deposit Banks, Non-Financial Institutions, other financial institutions against processing crypto payments with any financial operator dealing with crypto payments.

Read Also: Buy Crypto on OKEx P2P Nigeria and  Share $20,000 Prize Pool Now

In a circular dated 5th February 2021 and released to the public, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

Additionally, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

Bitfxt CEO had reportedly claimed that their cooperate accounts have been wiped and closed by their host bank.

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