Following a crypto restriction by the Central Bank of Nigeria (CBN) to all banks and deposit-taking institutions in the country, the Nigerian Senate has summoned the CBN Governor to clarify on the advantages and disadvantages of cryptocurrencies.
This summon comes on the heels and effort of various blockchain and crypto stakeholders in Nigeria who have gone far and beyond to educate regulators and the general public on crypto and blockchain against the background of the CBN’s unfriendly crypto policy and ban.
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According to Senator Ihenyen, the Chairman of Stakeholders In Blockchain Technology Association of Nigeria (SiBAN):
“In this digital economy, it’s all about global competitiveness. Let no one kid us that we can compete without innovation. While we may be carried away by the risks, massive opportunities may leave us behind.
We are practically working round the clock and engaging in industry-wide consultations in the best interest of our emerging crypto industry. While we may be tempted to play to the gallery and earn cheap points, we realize that there is a bigger stake. And so, we are engaging within and outside the industry, building understanding and bridges upon which we will build the pillars of what I hope will be a stronger and more vibrant industry for all.”
– Chairman, SiBAN
Following this massive drive by SiBAN, well wishers, and other stakeholders in the industry, the Nigerian Senate resolved to ‘mandate the committees on Banking, Insurance and other Financial Institutions, ICT, and Cybercrimes, and Capital Markets to invite the CBN Governor for briefing on the opportunities and threats of the cryptocurrencies on the nation’s economy and security and to report back the findings within two weeks.”
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RECOMMENDED READING: Reactions from Tech and Crypto Heads Following the Regulatory Warning by the Central Bank of Nigeria on Crypto
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