The Central Bank of Nigeria has banned banks from processing bitcoin and other cryptocurrencies. In a letter dated February 5th, 2021, the Central Bank directed banks to close down accounts of individuals or organizations operating cryptocurrencies immediately.
The world has embraced cryptocurrencies as a means of exchange. The world’s richest man, Elon Musk, is one of the major promoters of cryptocurrencies.
Nigerian youths on social media have lambasted the Federal Government and Central Bank for banning cryptocurrencies in the country. Many Nigerians said the decision will affect the financial technology industry and it is an attempt to move the country backward.
Tosin OluGbenga said: “PayPal is a regulated US company.
You can buy and sell cryptocurrencies on the platform because that’s the future.
Instead of just CBN to call us to the table so we can explain to them how Nigeria can even benefit from the Blockchain technology, they want to ban.”
JJ Omojua said: “This is one of the most backward circulars ever issued in the history of circulars. These are the things that make entire populations poor and poorer. Almost like a foreign enemy is working to make Nigerians poor, without firing a bullet. A shocking move by the CBN”
Jonah Onche said: “We need to understand the reason(s) of this CBN guide at that time. Firstly, there was a high rate of cryptocurrency fraud in the country from experience seating on fraud management team. Secondly, no cryptocurrency switch or aggregator company in the country at that time.”
Do you support the ban on cryptocurrencies in Nigeria? Do you trade with cryptocurrencies? How is it going to affect Nigerian youths?