₦airaland Forum

Activist lawyer, Tommy Ojoge-Daniel, says the recent warning issued by the Central Bank of Nigeria to Deposit Money Banks, Non-Financial Institutions and other financial institutions against doing business in crypto and other digital assets cannot stop the fundraiser set up for Yoruba activist, Sunday Adeyemo, better known as Sunday Igboho.

Ojoge-Daniel said this during a chat with The PUNCH on Friday shortly after the CBN issued its directive.

Supporters of Igboho had set up a Gofundme page for the purpose of raising £100,000 (N51.8m) for him to buy buses to implement his project of ridding the South-West of killer herdsmen.

The fundraiser, which was initiated by Maureen Badejo, a blogger and activist based in the United Kingdom, had garnered £25, 589 (N13.2m) as of Friday evening.

The PUNCH learnt that crypto currency was one of the major ways through which funds sourced through crowd funding are accessed.

Speaking with our correspondent, however, the lawyer said, “It (CBN policy) does not affect it (Igboho’s funding) in any way in as much as crypto currency is an open source platform for peer to peer (P2P) exchange of value and it is largely untraceable.

“The open ledger (block chain) only tracks activities in wallets and cannot hinder or hamper individuals who have crypto in their wallets from sending it to the recipient wallet. They can only track the payments but can never track the payers. The only issue will be exchanging the crypto on a direct platform to a Nigerian account.”

slivertongue:
all these one chance activist set.

Esseite:
[s]Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations[/s].

[s]Best initiative from CBN on saving the naira[/s].

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

helinues:
Not surprised... Igboho is an illiterate guy .

So FG shut cryptocurrency because of Igboho's go fund me that is yet to reach £100k ?

Illiteracy is indeed a disease

System202:
bayarbes are dumb. so they believe that fg ban cryptocurrency bcs of one illiterate Villigae boy igboho

Difrent:
My brother something's you read on nairaland makes you wonder what kind of education are these kids getting these days......a purely monetary policy decision has now been turned to FG vs igboho, southerners vs northerners...
.who did this to nigerians youths
Those opposition who feels they are gaining from the ignorant rants of our youths will end up being victims of this same ignorant youths one day