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Ban On Cryptocurrency: Senate Summons CBN Governor, Godwin Emefiele
Ban On Cryptocurrency: Senate Summons CBN Governor, Godwin Emefiele

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The leadership of the Nigerian Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the recent decision to ban cryptocurrency.

The central bank in a statement officially released on February 5, directed all banks to shut accounts of anyone who transacts in cryptocurrency. In another statement released on Sunday, February 7, the Apex bank said cryptocurrencies have become well-suited for conducting many illegal activities including terrorism financing, money laundering, purchase of small arms and light weapons, and tax evasion.

The reason the Senate had to invite the CBN governor is sequel to a motion raised by Senator Istifanus Gyang during plenary on Thursday, February 11, on the CBN’s order to stop financial institutions from transactions in cryptocurrencies and matters arising from them.

In their various contributions; Federal lawmakers called for calm, stressing out that while cryptocurrency has its negative sides, it has become the fastest-growing form of transactions all over the world.

They stated that technology has changed the way business is done in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.

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