Cryptocurrency is a product that is embedded to a high degree of illegality -
Cryptocurrency is a product that is embedded to a high degree of illegality -
The governor of the Central Bank of Nigeria (CBN), Godwin Emanfiele, claimed that the majority of cryptocurrency transactions are embedded in illegality. He also claims that there is no space for cryptocurrencies in the Nigerian banking area.
pushback against protest lawsuits from Endsars
In its latest anti-cryptocurrency salvon, the , however, seemed to be suppressed by the punch, however, the claims That the CBN had abolished to exclude cryptocurrency companies from the banking system as a punishment for the perceived support of the Endsars protests by the industry.
When the CBN at the end of 2020 the bank accounts of people who were involved in the organization of the Endsars protests, the protest leaders began after a target = "_ blank" href = "https://news.Bitcoin.com/nigeria-protest-group-asks-for-bit-donations-after-regulators-blocks-bank-account/" Rel = "noopener"> donations via Bitcoin . As reported by Bitcoin.com News, this switch to Bitcoin donations ultimately made it possible for the organizers to further finance protest activities.
When the CBN suddenly the exclusion of cryptocurrency units from the banking ecosystem speculated in Nigeria that this decision was made because the central bank had failed to stop the money flow to the organizers of the Endsars protest.
emefieles point of view
In his answer to these claims, however, the report is quoted in the report, which explains why the CBN is generally against cryptocurrency transactions."As you said, the Endsars edition came up in October 2020 and we came up when asked that we would not provide our banking and payment system for those who worked in the cryptocurrency business because we believe that a significant part of the transactions taking place there are illegal," he said.
emefiele then suggested that, just like many of its counterparts, the CBN does not support cryptocurrency transactions because they are encrypted and cannot be deciphered by any central bank. He said:
Consider it: What is there to hide? Why are the transactions hidden? Why are they encrypted? If I run a transaction and want to see the type of transaction, these (transactions) cannot be encrypted so that people know what happened. This means that cryptocurrency is a product that is embedded to a high degree of illegality.
In fact, according to the Endsars movement, donations had nothing to do with the CBN directive of February 5, 2021. Rather, this guideline is in accordance with the attitude of many central banks around the world, explained EMEFiele.
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