Deposit Money Banks should desist from transacting in and with entities dealing in cryptocurrencies.

In Suit No. FHC/L/CS/ 188/2021 filed on Monday, February 8, 2021 at the Federal High Court in Lagos, the group said the CBN, which is the first defendant, lacked the power to restrict financial institutions from dealing in cryptocurrency transactions.

The digital rights lawyers argued that the second defendant, SEC, had in a circular dated September 14, 2020, declared cryptocurrencies as legal digital assets “protected under section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended)”.



The lawyers, therefore, asked the court to validate the Investments and Securities Act 2007, which made SEC the apex regulatory body of the Nigerian capital market.

They also prayed the court to declare the CBN action as “ultra vires, unconstitutional, null and void” while also seeking a “perpetual injunction restraining the 1st defendant from regulating and/or further regulating virtual currencies/ crypto currencies in Nigeria.”

The suit, which has not yet been assigned to any judge, was filed on behalf of the group by its counsel, Irene Chukwukelu.



The PUNCH had earlier reported that the apex bank said cryptocurrencies promote illegal activities and raise risks, among other reasons.

The development had generated an uproar with many Nigerians including a former CBN Deputy Governor, Kingsley Moghalu, kicking against the move.




Moghalu had said there was regulatory dysfunction between the CBN and SEC. He had also argued that there was no means of exchange devoid of risk, adding that if the CBN could manage the risks of paper currency and electronic payments and other means of exchange, it should also be able to mitigate the risks associated with digital platforms such as cryptocurrencies.


https://punchng.com/digital-rights-lawyers-sue-cbn-sec-over-cryptocurrency-prohibition/

Who get Crypto, I want to buy Elon Musk's car?

Guys are not joking o

CBN had on several occasions revoked the licence of banks owned by billionaires or took over their management to safeguard depositors' money even though many lost their jobs and sky didn't fall. The numerous cried, licked their wounds and moved on to fight to survive. Therefore big blue sky can't fall over cryptocurrency. It's just one business out of many others in Nigeria.

The lesson here is that FG regulates all aspects of Nigerian economy as it is done by governments all over the world. Every new government policy has people smiling as well as other people crying.

Anyway, there is nothing wrong in shouting and kicking to protect your business interests when new government policy hits your sector hard. The same way some pastors cried and kicked over the CAMA Bill and termed it a plan to stop spread of Christianity in Nigeria. The same way medicine dealers/importers fought late Dora Akunyili over NAFDAC's effort to regulate their business and termed it an Obasanjo's plan to kill Igbo businesses. Look, even Oloshos will kick if you touch their business. So, the noise is all about BUSINESS INTEREST and cryptocurrency stakeholders reserve the fundamental right to complain.

festacman:
CBN had on several occasions revoked the licence of banks owned by billionaires or took over their management to safeguard depositors' money even though many lost their jobs and sky didn't fall. The numerous cried, licked their wounds and moved on to fight to survive. Therefore big blue sky can't fall over cryptocurrency. It's just one business out of many others in Nigeria.

The lesson here is that FG regulates all aspects of Nigerian economy as it is done by governments all over the world. Every new government policy has people smiling as well as other people crying.

Anyway, there is nothing wrong in shouting and kicking to protect your business interests when new government policy hits your sector hard. The same way some pastors cried and kicked over the CAMA Bill and termed it a plan to stop spread of Christianity in Nigeria. The same way medicine dealers/importers fought late Dora Akunyili over NAFDAC's effort to regulate their business and termed it an Obasanjo's plan to kill Igbo businesses. Look, even Oloshos will kick if you touch their business. So, the noise is all about BUSINESS INTEREST and cryptocurrency stakeholders reserve the fundamental right to complain.

see we are not china that regulates everything. Liberalize the economy, let market forces come to play. That's how investors come in and grow the economy. Look at our oil sector does it mean without dangote we can't have private refineries? But we have billionaires who would rather buy oil block and drill oil. Too bad.

jesmond3945:
see we are not china that regulates everything. Liberalize the economy, let market forces come to play. That's how investors come in and grow the economy. Look at our oil sector does it mean without dangote we can't have private refineries? But we have billionaires who would rather buy oil block and drill oil. Too bad.

Look there is no worse PARANOID REGULATOR of economy as United States of America. If Nigeria is to impose the laws that both non-profits and for-profit businesses are subjected to in Nigeria, many business will not stand. For a teaser, how many companies in Nigeria file tax returns? In US, non-compliance can kill your business.

What more liberalization do you want? Many licences have been issued for private refineries but only few have taken advantage. We thank God for Dangote. Anybody can register and operate a media business, school, hospital, agricultural business, transportation business and even church. What exactly do you want? An economy where dog can eat dog for lunch without anybody blinking eyelids. That's not possible for the GENERAL GOOD.

jesmond3945:
see we are not china that regulates everything. Liberalize the economy, let market forces come to play. That's how investors come in and grow the economy. Look at our oil sector does it mean without dangote we can't have private refineries? But we have billionaires who would rather buy oil block and drill oil. Too bad.

Use this link and register with binance and also be free from FG ban and trade your coins with ease


https://www.binance.com/en/register?ref=FYYA708K

festacman:
CBN had on several occasions revoked the licence of banks owned by billionaires or took over their management to safeguard depositors' money even though many lost their jobs and sky didn't fall. The numerous cried, licked their wounds and moved on to fight to survive. Therefore big blue sky can't fall over cryptocurrency. It's just one business out of many others in Nigeria.

The lesson here is that FG regulates all aspects of Nigerian economy as it is done by governments all over the world. Every new government policy has people smiling as well as other people crying.

Anyway, there is nothing wrong in shouting and kicking to protect your business interests when new government policy hits your sector hard. The same way some pastors cried and kicked over the CAMA Bill and termed it a plan to stop spread of Christianity in Nigeria. The same way medicine dealers/importers fought late Dora Akunyili over NAFDAC's effort to regulate their business and termed it an Obasanjo's plan to kill Igbo businesses. Look, even Oloshos will kick if you touch their business. So, the noise is all about BUSINESS INTEREST and cryptocurrency stakeholders reserve the fundamental right to complain.

Use this link and register with binance and also be free from FG ban and trade your coins with ease


https://www.binance.com/en/register?ref=FYYA708K

ibrahrem9606:


Use this link and register with binance and also be free from FG ban and trade your coins with ease


https://www.binance.com/en/register?ref=FYYA708K

I already know about Binance. Thanks, anyway.

ibrahrem9606:


Use this link and register with binance and also be free from FG ban and trade your coins with ease


https://www.binance.com/en/register?ref=FYYA708K

thank you brother

festacman:


Look there is no worse PARANOID REGULATOR of economy as United States of America. If Nigeria is to impose the laws that both non-profits and for-profit businesses are subjected to in Nigeria, many business will not stand. For a teaser, how many companies in Nigeria file tax returns? In US, non-compliance can kill your business.

What more liberalization do you want? Many licences have been issued for private refineries but only few have taken advantage. We thank God for Dangote. Anybody can register and operate a media business, school, hospital, agricultural business, transportation business and even church. What exactly do you want? An economy where dog can eat dog for lunch without anybody blinking eyelids. That's not possible for the GENERAL GOOD.

my brother you know real well that government will issue license and go behind and frustrate you. Look at adenuga he lost 20 million dollars because of this same thing before he eventually pulled through. Who would want to loose 20 million dollars in order to get telco license. Do you even know how much these licenses are? Look at what they are doing in the downstream, so much regulation, fraudulent subsidy regime here and there. Let government leave the economy for one and see what happens. Always pandering to the cabal and what they want. Even to register business name frustration here and there. Why not make the country investment friendly. Let one man try to build refinery they would use bribe and regulation and frustrate him. That's why they move to other countries and flourish.

Good move