Don’t Shut Down Cryptocurrency Atiku Appeals


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Don’t Shut Down Cryptocurrency Atiku Appeals

Don’t Shut Down Cryptocurrency, Atiku Appeals

Former Vice-President Atiku Abubakar makes an appeal for cryptocurrency.

Former vice-president Atiku Abubakar has urged the Buhari administration not to shut down cryptocurrency business, as announced by the Central Bank of Nigeria on Friday.

In a statement signed by him on Saturday, Atiku urged government to regulate the sector rather than embarking on an outright shutdown.

“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

“It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown”, he said.

The statement referenced the declining inflow of foreign capital into Nigeria from $23.9b in 2019 to $9.68b in 2020 and said the economy needs an expansion, rather than a contraction.

Read the full statement Below:

We Need To Open Up Our Economy, Not Close It

The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation.

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See Nigerian Reactions On Twitter As CBN Bans Bitcoin

The Central Bank of Nigeria on February 5, 2021, released a statement signed by the Director of Banking Supervision Bello Hassanand the Director of Payments System Management Department Musa I. Jomoh, prohibiting financial institutions in Nigeria from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange.

Meaning all trading of cryptocurrency in Nigeria has been banned, as all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions have been directed to identify persons and/or entities transacting in or operating cryptocurrency exchange within their systems and ensure that such accounts are closed immediately


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346
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Wasiu Kehinde

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