Friday, 5 February 2021



Ben Bruce, Segalink, DJ Switch, Others Kick As CBN Bans Cryptocurrency Accounts

TonyGists App 3 Out Now. Download from Play store
https://play.google.com/store/apps/details?id=com.TonyGists.TonyGistsapp
The CBN gave the order as seen in a statement issued on Friday, stressing that all the institutions are to close the accounts of customers with cryptocurrency transactions immediately.

 

So many angry Nigerians have voiced out their utter displeasure at the order by the Central Bank of Nigeria which prohibits commercial banks and all non-banking financial institutions from transactions involving cryptocurrencies.

The CBN gave the order as seen in a statement issued on Friday, stressing that all the institutions are to close the accounts of customers with cryptocurrency transactions immediately.

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,”
 CBN said.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”


The apex bank added that breaches of the directive will attract severe regulatory sanctions.

The development was not welcomed by many Nigerians who took to social media to express their displeasure.

Human rights activist, Segun Awosanya described the CBN’s move as ill-advised, saying, “This is yet another developing horror story in our dying society. The govt via @cenbank is now shutting down cryptocurrency in a desperate move to block any ray of hope for the huge youth demographic they have largely failed. This won’t end well. This is ill-advised.”

Senator Ben Murray Bruce faulted the apex bank’s decision, saying, “I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty?”

Blogger Japhet Omojuwa said, “Individuals that can fund the entire Nigerian budget for donkey years are betting on Bitcoin but Hassan and Musa are afraid it could make Nigerians wealthy. Welcome to the Dark Age! Others are in the Age of Deep Learning. We are in The Age of Deep Poverty.”

However, the move was welcomed by a former presidential aspirant, Adamu Garba, who said, “With the banning of crypto transactions, I believe The CBN is taking proactive measures to protect Nigerians from fraudsters who deceive ordinary citizens & rid them of their earnings. Crypto traders supposed to be regularised so that they can be tracked in the event of cheats.”

In December 2020, Quartz Africa reported that Nigeria was number two in the global Bitcoin market after trading 60,215 Bitcoins in the last five years.

Nigeria got to the position in the market after young citizens who were shut out from local payment methods by the government opted for Bitcoin to fund the October 2020 EndSARS protest against police brutality and bad governance in the country.

DJ Switch, who partook in the EndSARS protest, expressed displeasure at the CBN order, saying, “If the ban on crypto by CBN is true, it points yet again to the ill-informed, backward, poverty promoting dinosaurs T-Rex leading us. Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do!”





Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Tony Gists 2 Channel Latest Updates - @Tony Gists 2

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists1

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists


© 2021 Tonygists | Portions are © 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or distributed.

Share This Post Via

Related Posts

Previous
Next Post »


Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING

AD 728 x 90size