The Blockchain Technology Association of Nigeria (SiBAN) has urged the Central Bank of Nigeria (CBN) to reconsider its current anti-crypto policy that restricts commercial banks and other financial institutions from processing crypto-related transactions.
SiBAN is a founding member of Blockchain Associations Forum (BAF). SiBAN proposed the view at the BAF’s virtual summit organized recently. The event saw participation from over 53 countries.
SiBAN president Senator Ihenyen claimed that since Nigerian regulators, particularly the CBN, have not yet provided or implemented a regulatory framework on crypto assets, the CBN’s directive restricting financial institutions from facilitating crypto-related transactions hinders the work of law enforcement agencies regarding the investigation and prosecution of crypto-related crimes in the nation.
Lack of coordination among regulatory bodies
Ihenyen added that regulatory bodies should work with crypto industry stakeholders so that proper compliance with rules and regulations can be adhered to. Such steps would also encourage cooperation among different regulators and companies.
In Nigeria, the National Blockchain Adoption Strategy is championed by the National Information Technology Development Agency (NITDA) and supported by the Federal Ministry of Communications and the Digital Economy.
SiBAN president also requested that the National Blockchain Adoption Strategy be reviewed so that the CBN and all other stakeholders identified in the framework are on the same page.
Although the country has a National Blockchain Adoption Strategy, Ihenyen pointed out that there is a lack of cooperation among stakeholders, particularly regulators like the Central Bank of Nigeria (CBN), the SEC, and other important regulators, which had a negative impact on innovation development, policy formulation, and regulation in Nigeria’s developing crypto assets industry.
High crypto adoption in Nigeria
“Nigeria is targeting…
