The Senate has mandated its Committee on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market, to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele over the recent ban on cryptocurrency transactions and to brief it on the opportunities and threats of cryptocurrency on the nation’s economy.
Also invited by the Senate is the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda.
- Have you read: Banks’ Crypto ban – CBN explains its decision
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- Visit Investogist’s homepage for more articles
The Senate disclosed this in a tweet on Thursday after plenary session.
“Senate resolves 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.”
…the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks. #TodayInSenatePlenary
— The Nigerian Senate (@NGRSenate) February 11, 2021
Recall that the Central Bank of Nigeria (CBN) last week instructed financial institutions in the nation to close banks accounts of firms or persons transacting in or operating cryptocurrencies.
The CBN in a circular to financial institutions dated 5th February 2021 prohibited regulated financial institutions from “dealing in crypto currencies or facilitating payments for crypto currency exchanges”.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
