The Senate has agreed to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele over his recent directive that all banks should suspend cryptocurrency accounts.
This was made known today, Thursday during the plenary session of the upper chamber.
The topic which was raised by Senator ID Gyang and Senator Tokunbo Abiru respectively urged the Senate to invite Mr Emefiele.
Speaking, Senator Tokunbo Abiru who seconded the motion said “The last five years, we have had people changing cryptocurrencies to over 500 million dollars.
“It is good to ban because of the challenges it has presented; in reality, banning it doesn’t take it away. Even our Security Exchange Commission (SEC) also recognized cryptocurrency as a financial asset they need to regulate.
“What we should do is to invite the major stakeholders to a public hearing.”
“I am strongly against the outright ban of this medium of exchange by the Central Bank of Nigeria (CBN). What the CBN should be telling Nigerians are the regulations put in place to regulate the activities of the operators.
Senator Solomon Adeola also said “All over the world, these cryptocurrencies are regulated. The operators of this so called currency are everywhere. I would indulge this Senate to allow the regulators also to be invited so that they can also tell the Committees their own position concerning the operation of cryptocurrency in Nigeria.”
In his own contribution Senator Sani Musa “Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless. If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years.” –
Senator from Ekiti, Biodun Olujimi “We didn’t create Cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting result and Nigeria cannot immune itself from this sort of business.
“What we can do is ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonize all the issues concerning cryptocurrency” she said.
The Senate, however, resolved to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks.
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