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Cryptocurrencies facilitate terrorism, CBN Governor tells Senate

THE Central of Nigeria Governor, Godwin Emefiele, has affirmed that cryptocurrencies are used to perpetuate terrorism and other crimes.

Emefiele made the statement on Tuesday at the Senate where he was summoned concerning the ban on cryptocurrencies in the country.

During the briefing, the CBN Governor told the Senate’s joint committee on banking insurance and other financial institutions that cryptocurrency trading facilitate internet fraud, terrorism and cybercrime.

Emefiele stated that due to the dark electronic operating system of cryptocurrency, all regulators in the world do not recognize it.

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

On Friday February 5, the CBN directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

In a circular released, the apex bank ordered closure of deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The ban led to outrage from Youth across the country with many deriding the current administration as “analogue” in an evolving digital world.

However, on Sunday, February 21, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) resorted to a new approach on the block chain technology due to its improved global acceptance.

The regulators agreed to collaborate and conduct research towards finding ways to regulate the Cryptocurrency market.

The new approach was agreed during a virtual lecture organized by the Association of Capital Market Academics of Nigeria (ACMAN).

Head of Department, Registration, Exchanges, Market Infrastructure and Innovation Department of SEC, Timi Agama, said “there is a lot of investment move into the cryptocurrency market and the tendency is that it will reduce the amount of investments in the stock market.

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets.

“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.”

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