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CRYPTOCURRENCY : See Why The Senate Summoned Emefiele

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CRYPTOCURRENCY : See Why The Senate Summoned Emefiele

The Central Bank’s Governor, Godwin Emefiele , has been summoned by the Senate to brief its committees on the recent ban of cryptocurrency.

You would recall the Central Bank of Nigeria ordered all financial institutions in Nigeria to close all accounts linked to anyone involved in cryptocurrency.

On Sunday, February 7 the apex bank revealed that cryptocurrency has become suited for executing many fraudulent activities like money laundering, terrorism financing, purchase of small arms and light weapons, and also evasion of tax. 

The invitation is coming after Senator Istifanus Gyang’s motion during plenary on Thursday, February 11 on the Emefiele led CBN’s directive to stop banks from transacting in cryptocurrency.

Other Lawmakers during plenary cautioned the CBN saying cryptocurrency has become the fastest-growing form of transaction globally . They added that Nigeria can not run away from cryptocurrency but should regulate it.

 

Source : News Mail Nigeria

 

 

 

 

 

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