Senate invites CBN Governor, SEC DG over ban on cryptocurrency accounts

*The Nigerian Senate maintains it has a responsibility to ensure the country and citizens do not miss out on the opportunities that cryptocurrencies offer, and at the same time, mitigate and/or prevent likely consequential effects on the economy and national security

Isola Moses | ConsumerConnect

Following the recent official ban on cryptocurrency accounts and transactions in  Nigeria, the Senate Thursday, February 11 mandated its Committee on Banking, Insurance and other financial institution to summon Mr. Godwin Emefiele, Governor  of  Central Bank of Nigeria (CBN); and Lamido Yuguda, Director-General (DG) of Securities and Exchange Commission (SEC), for a briefing on opportunities and threats of cryptocurrencies.

Mandated to join the Committee on Banking and Finance, led by Senator Uba Sani, also are the Committees on Information and Communication Technology and Cybercrime and Capital Market, with Senators Yakubu Oseni and Ibikunle Amosun as Chairmen, Nigerian Tribune report said.

The resolution was a sequel to a motion on the CBN’s decision to stop banks and other financial institutions from transacting in cryptocurrencies in the country.

Cryptocurrencies

Senator Dung Gyang (Plateau North), who is the sponsor of the motion, said the action and directive of the CBN had attracted sharp reactions from Nigerians, and have become a topical subject of national discourse lately.

The Bankers’ Bank had explained that its decision was informed by the need to safeguard the Nigerian economy from the adverse effects of the cryptocurrency regime which it said was unregulated.

Senator Gyang, nonetheless, noted that since the Senate realised that cryptocurrencies are both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that cryptocurrencies offer and at the same time, mitigate and/or prevent likely consequential effects on the nation’s economy and security.

Senator Bassey Akpan, representing Akwa Ibom North-East, also said rather than frown on the cryptocurrency regime, the CBN should ensure that Nigerians adapt to it since it is the new trend globally.

Akpan stated: “Technology has changed the manner businesses are conducted globally. We started from barter and migrated to credit card.

“The next level is cryptocurrency and we can’t run away from it. It is CBN responsibility to bring Nigerians to the next level not discouraging it.

“It is the simplest way of exchange. I strongly believe that as Senate, we should be interested in how businesses are conducted.”

Senator Biodun Olujimi, representing Ekiti South, as well called for regulation rather than aborting a transaction mode that has received “a global blessing”.

Olujimi said: “We didn’t create it and can’t kill it. Definitely, the youths of today have moved on and the world has gone far.

“Nigeria can’t immune itself from this kind of transaction, we can only regulate it. I support this motion and I believe we should collectively add our individual voice to back it.”

Following the Senate plenary session, Senator Gyang said though the fear of the apex bank is understandable, the cryptocurrency exchange could not be wished away since it has its numerous merits.

The Federal legislator noted:

He said: “Dealing with it is inevitable, it is something that we can’t run away from as a nation.

“We noted that it is the nature of the cryptocurrency that it is anchored on anonymity and you can’t track.

“And if you can’t track, you can’t uncover those that want to deploy the platform for ignoble usage.

“But since it has its merits, we want the CBN Governor to brief us on the opportunities that it offers the nation so that the nation and its citizens don’t miss out on the opportunities that it has to offer.

“So, what the Senate has resolved is for the appropriate Senate Committee to come and explain so that the nation doesn’t lose out on the opportunities that the cryptocurrency regime offers.

According to him, “last September, the SEC identified it as “a major transaction mode that they have to identify with. It is also a major employer of our teeming youths.

“So, whether you like it or not, you can only take control of what you see. So I am not sure the CBN can ban it.”

Kindly Share This Story