The Nigerian Gabovenment had imposed a ban on crypto exactly a year ago in February 2021. The ban did nothing in terms of putting a lid on token dealing; crypto adoption started to look promising in the African country.

Stakeholder in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian Blockchain Advocacy Group has now urged the Central Bank of Nigeria to regulate the asset. SIBAN stated which crypto is a solid asset and should not be banned, instead of regulated.

SIBAN mentioned which “Crypto is Legit” and went on to create a Twitter campaign in order to make the Nigerian Gatopnment reconsider its decision to ban crypto.

Access To Financial And Banking Services Without Discrimination

Nigerian Citizens aprotracted with citizens of other African nations have been very enthusiastic and positive about cryptocurrency, therefore, propelling the adoption prices considerably.

Crypto supporters all across the nation have decided to fight a legal battle with the Nigerian Central Bank too, as the move to ban the asset has been termed as “Financial Terrorism”.

The advocacy group invited other crypto proponents to help make crypto a regulated and recognized asset. SIBAN had released a statement which spoke in favor of acknowledging snd encouraging the adoption of the digital asset.

SIBAN stated, “Today we advocate equal access to banking and financial services by virtual asset service providers (VASPs) without discrimination in accordance with the Nigerian Constitution, applicable laws, and particularly Nigerian laws on anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. Amongst other benefits, this approach will aid investigations by our law enforcement agencies, including the Nigeria Police and the Economic and Financial Crimes Commission (EFCC),”

The Nigerian Vice President too joined the cause and has asked crypto to be regulated and not banned. It is, however, quite uncertain if the promoters of crypto will be able to successfully lobby into driving a shift into effect in the future.

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In spite of Nigeria’s tough stance on crypto, the nation’s crypto adoption costs stood at 24%. On this metric, Nigeria surpassed Malaysia and Australia in terms of adoption price, manalogousg it the country with the excessiveest adoption cost.

P2P platforms and their usage has still ascfinished $400 million trades happening through these platforms.

SIBAN has further stated which Nigeria’s Securities and Exchange Commission and other regulators must be included throughout the time malikeg decisions about regulating the asset as this weakens in accordance with “their statutory duties under the laws of the Federal Republic of Nigeria.

Regulators should adopt a regulatory approach which encourages innovation although discouraging bad actors, not all actors. While cback whilerned about the risks often associated with crypto, the role of regulation is not to make risks disappear but manage them in accordance with global best practices and in collaboration with all cback althoughrned stakeholders, including industry players, stated the Nigerian Securities and Exchnage Commission.

SEC was had originally issued a circular stating which crypto assets were advised securities in the year 2020, however, the February 5, 2021’s statement from the Central Bank of Nigeria had achieved SEC to suspend all comparable circulars.

Is The Nigerian Gatopnment Open To CBDC?

Much like other countries which have regulated crypto, Nigeria further wants to create its own CBDC. The nation seems to be quite optimistic about leveraging the strengths of blockchain technology aprotracted with introducing other developments.

Nigeria wishes to digitalize its economy by innovating new methods of transaction which would function on distributed ledger technology. In addition, the intention still is to ensure which cryptocurrencys have little effect on the national currency’s stability.

In other news, India likewise proposed the creation of their own CBDCs whilst China has ended major tests regarding the same.

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