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‘Agents of pain.’ Outrage greets CBN’s ban of Cryptocurrency in Nigeria

Pascal Oparada

 Nigerians have described the ban on Cryptocurrencies in the country by the Central Bank of Nigeria (CBN) as an act of backwardness.

 According to them, crypto is the way to go in a world seeking to digitize payments.

 They say while other countries are adopting cryptocurrency, Nigeria is busy banning it and destroying the future of its youths.

 The ban is seen by many as an attack on young entrepreneurs in Nigeria.

 @Daddy_Nomso said the new directive is a dream killer.

 “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,” he said.

 Social media influencer, Japhet Omojua said the biggest opportunity for wealth creation for the teeming youth population in the country is dependent on Cryptocurrency.

 “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!” He said.

 Many services and platforms now accept cryptos for payment and other transactions.

 During the #EndSARS protests last year, donations poured into the organisers through Bitcoin and other Cryptos.

 Twitter founder, Jack Dorsey made donations to #EndSARS organisers via Bitcoin and urged others to do the same.

 The ban on cryptos may be seen as a move to stop the illicit flow of cash and money laundering in the country.

 This month, the world’s richest man Elon Musk began trading in cryptocurrency and described himself as a latecomer to the game.

The CBN on Friday directed Deposit Money Banks (DMBs) and other financial institutions to reject and shut down any account trading on cryptocurrency.

The apex bank’s letter is a sequel to the one issued in 2017 in which it warned the banks to desist from operating accounts dealing with cryptos.