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FG Suspends Ban On Cryptocurrencies - Business - Nairaland

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FG Suspends Ban On Cryptocurrencies by Ujahson85(m): 3:03pm On Feb 17
FG Suspends Ban On Cryptocurrencies
By TheNigerian Last updated Feb 13, 2021
0 21,603
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The Federal Government has suspended its plan to ban cryptocurrencies.

The Securities and Exchange Commission made this known in a statement on Thursday.

“For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” SEC said.

The exchange commission’s statement came days after Nigeria’s apex bank ordered financial institutions in the country to close accounts dealing in cryptocurrencies, saying the transactions posed risks to the economy.

SEC said its statement was necessitated due to several comments and inquiries from the public that there is a conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020, and the Central Bank of Nigeria (CBN) Circular of February 5, 2021.

“We see no such contradictions or inconsistencies,” SEC said.

In reaction to CBN’s circular, Luno, a cryptocurrency trading platform Luno paused naira deposits pending the time it gets “urther clarity from the authorities.”


SEC said it made the statement at the time, to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows while Central Bank has identified certain risks, which if allowed to persist, will threaten investor protection.

Following risks identified in the transactions by the central bank, the SEC “engaged with the CBN and agreed to work together to further analyze, and better understand the identified risks to ensure that appropriate and adequate mitigants are put in place, should such securities be allowed in the future,” it said in its latest statement.

Nigeria has proven to be a hotspot for cryptocurrency. And apart from available statistics, the validation that came in 2020 alone was enough proof. The reasons are apparent: tech adoption, predominant young population, high inflation rates, volatile fiat currency, and an underperforming banking sector.

During the #EndSARS movement, over $80,000 was contributed in Bitcoin after non-profit activist group, Feminist Coalition’s account for voluntary donations was blocked.

According to a Quartz report, Nigeria accounts for 25% of the customer base of Paxful—a global P2P crypto platform—and has traded over $566 million in 2020. Local crypto exchange platform numbers also tell the story of a huge adoption.

Re: FG Suspends Ban On Cryptocurrencies by nonyofor2(m): 3:09pm On Feb 17
Idiotility and iberiberism combined.

2 Likes

Re: FG Suspends Ban On Cryptocurrencies by Perfectsouth(m): 3:10pm On Feb 17
grinat the long run, who loses?
They were hell bent on crippling an already crippled economy
Re: FG Suspends Ban On Cryptocurrencies by Perfectsouth(m): 3:10pm On Feb 17
grinat the long run, who lose?
They were hell bent on crippling an already crippled economy
Re: FG Suspends Ban On Cryptocurrencies by kryptochats: 3:19pm On Feb 17
fake news

4 Likes

Re: FG Suspends Ban On Cryptocurrencies by Freestainworld(m): 3:22pm On Feb 17
You are banning what have giving jobless of youths a new hope of survival, until everybody turns to kidnapper in this country, they won't have sense.
Re: FG Suspends Ban On Cryptocurrencies by Great100000: 3:28pm On Feb 17
Ok
Re: FG Suspends Ban On Cryptocurrencies by Cpossibility: 3:29pm On Feb 17
kryptochats:
fake news
I think so too.

1 Like

Re: FG Suspends Ban On Cryptocurrencies by udoakwa(m): 3:37pm On Feb 17
No na they should continue, how will buhari keep breaking record for his uselessness if he suspend this plan now

1 Like

Re: FG Suspends Ban On Cryptocurrencies by eesdee: 3:58pm On Feb 17
Source please

1 Like

Re: FG Suspends Ban On Cryptocurrencies by BetBuilder365: 4:16pm On Feb 17
This one na fake news

2 Likes

Re: FG Suspends Ban On Cryptocurrencies by mytime24(f): 5:57pm On Feb 17
Nairaland cbn governor hv spoken
Re: FG Suspends Ban On Cryptocurrencies by Koko1119: 6:44pm On Feb 17
na because dey son give naija woman WTO dat is y federal govt suspend ban.
Re: FG Suspends Ban On Cryptocurrencies by ChocolateWine(f): 6:48pm On Feb 17
End sars comes to mind
Re: FG Suspends Ban On Cryptocurrencies by Crimpsy(m): 12:41am On Feb 18
I think this is a fake news

Have a Circular be released
Re: FG Suspends Ban On Cryptocurrencies by samuelgodson(m): 12:08pm On Feb 18
SEC is different from CBN oooo..........SEC initially supported CBN's decision seems dem don get sense but CBN never get sense

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