Nigerians attack Buhari for banning Bitcoin, other Criptos

Nigerians have attacked the President Muhammadu Buhari-led federal government for banning sale, buying of Bitcoin, other Criptos.

On social media, Nigerians have strongly condemned the ban issued to financial institutions against having any crypto or facilitating payments for crypto exchanges.

Newsflash had reported that the Central Bank of Nigeria, CBN, on Friday instructed commercial banks and all non-banking financial institutions to desist from dealing in cryptocurrencies and other related transactions.

The country’s apex bank further ordered banks to close all the accounts of customers transacting and dealing in Bitcoin immediately.

The information was contained in a statement released by the CBN on Friday.

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,” CBN said.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The bank also warned that it would punish offenders that violate the information.

“Please note that breaches of this directive will attract severe regulatory sanctions.

“This letter is with immediate effect,” it said.

Reacting, some Nigerians accused the Buhari led administration of issuing directives aimed at killing the country’s economy.

Here are some comments gathered on Twitter;

@daddynomso, “Nigeria’s Dream is to Kill the Youths, Frustrate their dreams to be successful. Every year there is a new Policy to destroy the Youths, Several companies run on Crypto will be destroyed, online transactions will be ruined & this gives Orgasm to CBN & Emefiele. Agents of Pain.”

@Dj_switchaholic, “If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs leading us. Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do.”

@Realolaudah, “Crypto currencies that the whole world is tending to? That billionaires like Elon Musk & Jack Dorsey are speculating on? Some dinosaur in @cenbank will come & give a blanket ban, because he simply doesn’t understand why ownership of a virtual currency should constitute wealth.”

@Lackren, “Honestly, these people wants run down this country finally.”

@Lucasscot_101, “Buhari rate farming over crypto. He wants all of us to go back to subsistence farming or animal husbandry.”

@adetolav, “Protests – Ban, Import restricted items – Ban, Social media – try to ban

Crypto – Bans can’t be the only tool that a government or regulator knows how to use. Especially not in a interconnected global economy.”

“How can a govt enjoy frustrating his own people, simply cos his fulani roaming herdsmen don’t understand how Crypto works? I just can’t explain how I’m feeling right now.”

@Omojuwa, “The biggest opportunity by far, for wealth creation for Nigeria and especially its young population, is embedded in the thinking, technology and innovation behind cryptocurrencies and its appurtenances. Someone is desperate to ensure this poverty lasts through this century.”

@Mrodanz, “Buhari loves cattle currency, not crypto currency.”

@dammiedammie35, “How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening.”

@Toberry15, “Nigeria is currently running at a public debt of over 31 trillion naira, but crypto banning is top tier in the government scale of preference, what a country.”

@Toluolugbenga, “Dear CBN, You can stop platforms from using the banking system for crypto transactions. But do you know what’s called Peer to Peer?Do you know what’s called DeFi, decentralized finance. You can remain backward but you would not drag us back.”

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