Locking or closure of bank accounts that are not legally supported - regulation
Locking or closure of bank accounts that are not legally supported - regulation
The Blockchain Industry Coordinating Committee of Nigeria (Biccon) has stated that Nigerian financial institutions are not allowed to enforce or close bank accounts by individuals or companies that are accused of trading cryptocurrency.
affected crypto companies should obtain legal advice
in a public Biccon-a coalition by nigeria-leading interest groups for Cryptocurrency and blockchain - to claim legal advice and remedies, which was published on November 22nd, advises affected persons and companies if necessary. The committee also insists that no Nigerian organization, neither public nor privately, should be above the law.
We consider it questionable that deposit banks (DMBS), non-bank financial institutions (NBFIS) and other financial institutions (SFIS) block, close and/or freeze the bank accounts of natural and legal entities, solely on the fact that these people and companies are easily involved in the cryptocurrency-related transactions. It is not supported according to the applicable laws of the Federal Republic of Nigeria.
The explanation also confirms the attitude of Biccon to a CBN directive that was originally used by financial institutions to justify the exclusion of crypto units from the banking system.
Only the Nigerian legislature can crime the crypto trade
In the same explanation, Biccon also uses the renewed ramp light of the Nigerian cryptocurrency industry to reaffirm its conviction that the CBN intervenes in the legislative powers of the legislator. Biccon says:
"A number of accounts of natural and legal persons have been closed since February 5, 2021 ... Although the CBN as a regulatory authority has the legal authority to delimit banking transactions, but [The] order [of] banks and other financial institutions [or close] accounts are assumed that they may be used for cryptocurrencies. on the fact that there is currently no legislation of the National Assembly that criminalizes or illegally the trading of cryptocurrencies in Nigeria. ”
The explanation insists that the failure to check the circular of the CBN will "create a dangerous precedent in the country". The explanation also suggests that Biccon is against the "inappropriate discrimination" of the Nigerian blockchain and crypto industry, but is willing to work with the supervisory authorities, law enforcement authorities and the government.
What do you think of Biccon's public statement? Tell us your opinion in the comments below.
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