When it comes to cryptocurrency adoption around the world, Nigeria was counted among the countries that are most welcoming to the industry. The country with the largest population in the entire African continent turned out to be the most advanced in cryptocurrency adoption.
The country was even breaking many records when it came to searches being run for cryptocurrencies through the Google search engines. It was reported that many citizens in Nigeria were very interested in getting their hands on Bitcoin (BTC). The country was reportedly building up an entire ecosystem that was going to be very healthy for the crypto-industry.
However, the Central Bank of Nigeria ended up stealing away all the happiness and ambitions that the crypto-community had in the country. Just a week ago, the Central Bank of Nigeria issued a directive from back in 2017 that banned the usage of cryptocurrencies in the entire country.
The directive instructed banks from all around the country to close all the accounts that the cryptocurrency firms had opened through them.
When asked why the central bank introduced such an amendment, the regulator advised that they had not made any changes to the law. They only reminded the banks from all around the country of the directive that was signed by the regulators back in 2017.
The Central Bank of Nigeria stated that it had re-issued the directive due to the increase in criminal activities that were triggered due to cryptocurrencies. The major concern that the Central Bank of Nigeria had was the money laundering and terrorist funding activities that were taking place through cryptocurrencies.
As a result of the above, it was not just the cryptocurrency community in the country that reacted but it also forced the Senators to voice their concerns.
According to the latest reports, the senators from Nigeria have also protested against the recent issuance of a directive from the Nigerian Central Bank. They have demanded the Central Bank of Nigeria to issue a directive at once and let the banks in Nigeria continue facilitating cryptocurrency transactions.
Furthermore, the Nigerian Senate has also demanded the Governor of the Central Bank of Nigeria to appear before the Senate committee. The CBN Governor has been summoned to comment on their views and stance over the cryptocurrencies in the country.
Nigerian Senator of the Upper Chamber, Solomon Adeola, strongly protested and criticized the recent ruling issued by the CBN. He stated that the country had started making a lot of progress in the cryptocurrency sector and the CBN out of the blue has banned them immediately.
The Senate has demanded the Central Bank of Nigeria to introduce flexible and supportive crypto-regulations, instead of banning them entirely.