Bank accounts of Nigerians wey dey involved with cryptocurrency trading dey at risk after one new order wey di Central Bank of Nigeria (CBN) release on Friday.
CBN on Friday fire reminder letter give financial institutions to immediately close accounts of dia customers wey do trade in cryptocurrency like Dogecoin, Bitcoin and Ethereum.
Di 5 February memo order say make banks “identify pipo and/or joinbodi wey dey do trading in or dey operate cryptocurrency exchanges within dia systems and make sure say those accounts close down immediately”.
Tori of dis latest CBN instruction don make “crypto” begin trend for social media as many young pipo on Twitter dey para say na support di Nigeria goment suppose dey support cryptocurrency.
We are but you cannot always be forced to entrepreneur your way out of bad policies. They are hellbent on eating their young at every single turn. Never seen a group of people more committed to not progressing. Ban, stop, kill. It’s either they do nothing, or it’s nonsense https://t.co/K1gO4nekRJ
— FK. (@fkabudu) February 5, 2021
Wetin make CBN do dis?
For early 2017, di Central Bank of Nigeria tear “warning” give financial institutions not to use, hold or trade virtual currencies (like crypto) pending when dem regulate am, as e no be legal tender like di Naira.
Di Central Bank of Nigeria give reason say dem dey worry say jaguda pipo and terrorist fit dey use cryptocurrencies to do mago-mago for Nigerian citizens.
Crypto Bitcoin na like ‘gamble’
Di oda issue wey many don raise na whether crypto na better “work” to use make money, as some feel say pipo no dey aok about di risks.
Na dis position di CBN govnor take for January 2018 when e declare say “cryptocurrency or bitcoin na like gamble…We no fit, as central bank, give support to situations” wia pipo dey risk dia savings to take “gamble”.
Yet, one report by sabi company Bake Mckenzie say Nigeria na number three in di world for countries wey dey trade in Bitcoins (wey be di most popular type of cryptocurrency).
And Paxful, wey be crypto exchange platform say for 2020 Nigeria na im do crypto trading pass for Africa wit volume of 60,215 Bitcoins wey worth $566,668,692.
Implication of CBN directive
Major advantage of Crypto is you cannot stop it. Little research will have told them:
1. Merchants will ask to be paid directly in crypto
2. P2P exchanges will flourish
3. People will move volumes of crypto & #BTC in hard drives & cold chain storage.
You cannot stop the future!
— Tola (@adetolaov) February 5, 2021
Di meaning of dis recent CBN order na say all dat money no go dey di Nigerian economy again, as Nigerian traders go begin find alternative way to keep dia money, like one financial expert been suggest for social media.
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Some social media users don also suggest say no be today di goment bin don dey try to limit how young pipo dey take make money, as dem point to wetin CBN do months ago – after di #EndSARS protests – wia dem freeze di Nigerian account of one protest supporter, wey bin dey collect cryptocurrency donations.
Buhari govt will never recover from the aftermath of #EndSARS. Crypto played a key role during that protest and they’re already preparing the stage to attack crowdfunding for any plan Soro Soke Generation have towards 2023.
They have control over MMO, bank accounts, now crypto.
— Ayemojubar (@ayemojubar) February 5, 2021