The Genius Media Nigeria reports that some Senators in the National Assembly have expressed their concerns over the decision of the Central Bank of Nigeria (CBN) to ban financial institutions from transacting in crypto currencies.
Below are their views and proffered solutions, which they shared via Twitter, to address the fears of CBN instead of an outright ban:
Senator Solomon Adeola, a Chartered Accountant and Tax Consultant
I am strongly against the outright ban of this medium of exchange by the Central Bank of Nigeria. What the CBN should be telling Nigerians are the regulations put in place to regulate the activities of the operators.
All over the world, these cryptocurrencies are regulated. The operators of this so called currency are everywhere.
I would indulge this Senate to allow the regulators also to be invited so that they can also tell the Committees their own position concerning the operation of cryptocurrency in Nigeria.
Senator Biodun Olujimi, former board member, Nigerian Communication Commission
We didn’t create cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting results and Nigeria cannot immune itself from this sort of business.
What we can do is ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonize all the issues concerning cryptocurrency.
Senator Tokunbo Abiru, immediate past Group Managing Director, Polaris Bank
In the last five years, we have had people changing cryptocurrencies to over $500 million. It is good to ban because of the challenges it has presented; in reality, banning it doesn’t take it away.
Even our Securities Exchange Commission (SEC) also recognized cryptocurrency as a financial asset they need to regulate. What we should do is to invite the major stakeholders to a public hearing.
Senator Sani Musa
Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.
If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years.
b. Directs its Committee on Health (Secondary and Tertiary) to invite the Federal Ministry of Health to provide explanation on the policy for the procurement and utilization of syringes and needles by federal, state and privately owned hospitals and agencies of the Ministry.
— The Nigerian Senate (@NGRSenate) February 11, 2021