Senate summons CBN governor, Godwin Emefiele, over ban on cryptocurrency

The Nigerian Senate has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the recent ban on cryptocurrency.

The apex bank in a statement released on February 5, ordered all banks to close accounts of anyone who transacts in cryptocurrency. In another statement released on Sunday, February 7, the bank said cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.

The decision of the Senate to invite the CBN governor is sequel to a motion by Senator Istifanus Gyang during plenary on Thursday, February 11, on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies and matters arising from them.

In their contributions; Federal lawmakers called for caution pointing out that while cryptocurrency has its negative sides, it has become the fastest-growing form of transactions all over the world.

They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.

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