For Nigeria, cryptocurrency has a high level of illegality

For Nigeria, cryptocurrency has a high level of illegality

For Nigeria

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said that most cryptocurrency transactions are embedded in illegality and that there is no room for cryptocurrency in the Nigerian banking space. When the CBN froze the bank accounts of people involved in organizing the Endsars protests in late 2020, protest leaders began asking for donations via bitcoin, allowing them to continue funding the protest activities.

Therefore, when the CBN suddenly announced the exclusion of cryptocurrency entities from the banking ecosystem, some observers in Nigeria speculated that this decision was made because the central bank had failed to stop the flow of funds to the protest organizers. by Endsars.



Emefiele then suggested that the CBN, just like many of its outstanding counterparties, does not support cryptocurrency transactions because they are encrypted and cannot be decrypted by any central bank . "Look at it this way: what is there to hide? Why are transactions so hidden? Why are they encrypted? If I conduct a transaction and a regulatory or security authority wants to see the nature of the transaction, those (transactions) cannot be encrypted for people to know what happened. It means that cryptocurrency is a product embedded in a high level of illegality ".