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Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose - Politics - Nairaland

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Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by CaPpaDonNa: 7:16pm On Feb 11, 2021
The recent ban on cryptocurrency transactions via Nigerian bank accounts has divided opinions among Nigerian senators.

The Central Bank had directed deposit money banks and other financial institutions to deactivate all customers’ accounts used for transacting all forms of virtual currencies.

The CBN hinged its decision on claims that fraudulent transactions were being carried out via cryptocurrency dealings, thereby weakening the Naira. It also alleged that the exchange could be used to funnel illicit funding for terrorism and other threats to national security.

Debating the development on Thursday at plenary, Senator Tokunbo Abiru, a former bank chief executive from Lagos, says he does not see the ban as the solution to the highlighted threats but suggested a public hearing be held with stakeholders.

“The last five years, we have had people changing crypto-currencies to over 500 million dollars. It is good to ban because of the challenges it has presented; in reality, banning it doesn’t take it away,”
Mr. Abiru said.

“Even our Security Exchange Commission (SEC) also recognised crypto-currency as a financial asset they need to regulate. What we should do is to invite the major stakeholders to a public hearing.”

Adding his voice, Senator Solomon Adeola (Lagos West) opined that rather than the outright ban on crypto-currency by the banks regulator, regulation of the market would be a better option.

In his words: “I am strongly against the outright ban of this medium of exchange by the Central Bank of Nigeria(CBN). What the CBN should be telling Nigerians are the regulations put in place to regulate the activities of the operators.”

“All over the world, these cryptocurrencies are regulated. The operators of this so-called currency are everywhere. I would indulge this senate to allow the regulators also to be invited so that they can also tell the committees their own position concerning the operation of cryptocurrency in Nigeria,” Mr. Adeola concluded.

Senator Biodun Olujimi, apparently against the ban, noted that the youth have gained so much from the business of bitcoin, hence, advised the CBN and the government to iron out ways for cryptocurrency to work for the country while also taking step to prevent fraudulent people from gaining access.

Ms. Olujimi said, “We didn’t create cryptocurrency and so we cannot kill it and cannot refuse to ensure it works for us. These children are doing great business with it and they are getting results and Nigeria cannot immune itself from this sort of business.”

“What we can do is to ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonise all the issues concerning cryptocurrency,”
the senator added.

However, in a swift opposition, Senator Sani Musa (Niger) believes the directive is necessary due to the clandestine nature of the medium of transaction which makes it almost impossible to regulate while seeing it as a threat to Nigeria’s weak economy and the fragile Naira.

“Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless,”
Mr. Sani lamented.

In addition, he said: “If we have an economy that is very weak, and cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years.”

The senate then mandated its committees on banking, insurance and other financial institutions, ICT and cybercrime, and capital market to invite the CBN governor for briefing on the opportunities and threats of the cryptocurrency on the nation’s economy and security and to report back findings within two weeks.

https://www.gazettengr.com/crypto-ban-northern-senators-support-cbn-southern-senators-oppose/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

2 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by donbachi(m): 7:19pm On Feb 11, 2021
because no be cowtocurrency.

312 Likes 12 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by NwaNimo1(m): 7:19pm On Feb 11, 2021
they can ban everything above N200 note self....

[img]https://media./images/ac5ecb53eda4d3011be648f4873987ac/tenor.gif[/img]

i dey use crypto buy garri?

142 Likes 8 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Tranquillity360: 7:22pm On Feb 11, 2021
The Ban doesn't affect COWS na.

123 Likes 4 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by gambia(m): 7:22pm On Feb 11, 2021
I'm not surprise anyway.

23 Likes 1 Share

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by sotall(m): 7:22pm On Feb 11, 2021
undecided

1 Like 1 Share

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by yusufu16: 7:23pm On Feb 11, 2021
I know many Senators who bought Bitcoins.

120 Likes 4 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by slawormiir: 7:23pm On Feb 11, 2021
Damnnn niggarrrr
Not surprised.....

Oppposing it in public
And investing in it secretly
Moda fuckkking hypocrite.......

After clamoring or rather supporting the ban
They will be doing ptpt

If you are a niggarrrr and you understand ptpt then you must be a real niggarr
Hushbingo:
Nairaland freak... Claiming hustler and you are always online on Nairaland....

Fake life
Ogbeni the huzzle nor be do or die affair

131 Likes 9 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by bigdammyj: 7:23pm On Feb 11, 2021
Noted
Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Hushbingo: 7:23pm On Feb 11, 2021
Lol
Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Cholls(m): 7:23pm On Feb 11, 2021
my brother no be say cropto dey illegal o...But na because Nigerian government dey lazy dem dey wait make IMF and other western countries to give dem template on how to regulate cryto...

27 Likes 5 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Ogbuu101: 7:23pm On Feb 11, 2021
Naught,always dragging the zoo back
Why won't they oppose cryptocurrencies when basic education is still a taboo to them?
By the time abokki finish with the zoo,shekau will shout "Jesus is Lord"

92 Likes 6 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by psychologist(m): 7:23pm On Feb 11, 2021
If we can sort the north problem, then we have sorted 93% of Nigeria's problem

Till then, oluwa awa peluwa

212 Likes 14 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by weslay: 7:24pm On Feb 11, 2021
Divide the country

58 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Nobody: 7:24pm On Feb 11, 2021
Aboki xchanger under threat because many of these big politicians are doing racketin. E be like say the Southern senetors get sense and understand the future than those cowtherium traders. Funny thing is that it can't change anything much. They only kill or draw many fintech back a lot and they will loose their transactions to foreigners.
It will only enrich foreign platforms like binance much not our own local banks and others. Then who loose?

37 Likes 3 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Hushbingo: 7:24pm On Feb 11, 2021
slawormiir:
Damnnn niggarrrr
Nairaland freak... Claiming hustler and you are always online on Nairaland....

Fake life

30 Likes 2 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by 6ollo9: 7:24pm On Feb 11, 2021
Northern lawmakers are still living in stone age

18 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Ikpeazukerosene: 7:24pm On Feb 11, 2021
Crypto is capable of ruining the Bureau De Change business dominated by northerners. That is why you will not see the average northerner support crypto.
The funny thing is that if the average Northern youth understands how crypto works, they will embrace it wholeheartedly. If you check stats, Opay and Paga did very well in Kano and other northern states.

Well, crypto transactions will happen with or without the CBN and whatever the North feels. The North can not hold the rest of Nigeria back because of selfish reasons.

See your CBN Governor. I'm sure, when they are doing ACF meetings, they call him to serve drinks.

181 Likes 18 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Cheapgadget(m): 7:24pm On Feb 11, 2021
why are they scared?

5 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by aljharem(m): 7:24pm On Feb 11, 2021
the country can never move forward with hausa-fulani in it

60 Likes 6 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by SouthNigerian: 7:24pm On Feb 11, 2021
I'm loving it. Let there be disagreements between the Southern and Northern Senators.
Next time, I wanna see Southern and Northern Governors iron it out.

This contraption must secede ASAP, am choking.

55 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Knighty12: 7:24pm On Feb 11, 2021
Northerners always taking this country backwards. Useless set of Idiots!!!

59 Likes 5 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by TalkTalkTwins(m): 7:24pm On Feb 11, 2021
Ok
Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Brendaniel: 7:25pm On Feb 11, 2021
aboki

11 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Moneywirer: 7:25pm On Feb 11, 2021
Lord Lugard rest in pieces!!!!

38 Likes 2 Shares

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by ichidodo: 7:25pm On Feb 11, 2021
Even though market speculation is our forte....Banning crypto is the best decision this regime had ever taken....You think MMM was bad? Try Crypto, that sh**t is MMM on Steroids,Cocaine and Heroine combined...Yeah, we know MMM f**ked individuals up even house holds weren't left out. When the bubble around cryptocurrencies eventually bursts whole economies maybe Governments exposed to it will collapse...We already have Buhari sending our economy to the stone age, the last thing Nigeria needs is to be exposed to a future crypto global economic meltdown....I rather invest in cows, honestly.

1 Like

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by aljharem(m): 7:25pm On Feb 11, 2021
Ikpeazukerosene:
Crypto is capable of ruining the Bureau De Change business dominated by northerners. That is why you will not see the average northerner support crypto.

very correct but change is inevitable

9 Likes 1 Share

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by ProDiverse: 7:25pm On Feb 11, 2021
It will always be the stupid North..

36 Likes

Re: Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose by Ohoto90: 7:25pm On Feb 11, 2021
But they support Terrorists too

23 Likes 1 Share

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