The Central Bank of Nigeria (CBI) has ordered the closing of citizens’ bank accounts for using cryptocurrencies(Bitcoin).
The central addressed all banking and other financial institutions and reminded that it was completely “prohibited” to help facilitate crypto transactions.
The Central Bank also made it clear that if banks do not enforce the rule, they will be given harsh regulatory sanctions.
The Central Bank of Nigeria has ordered its national banks and all other financial institutions to close customer accounts linked to cryptocurrency use
For the first time, a central bank of a large country has publicly ordered the closing of citizens’ bank accounts for using cryptocurrencies. The ruling comes into effect immediately.
The Nigerian ruling is a sharp contrast with banking regulation in the U.S., for example, where banks themselves are allowed to run cryptocurrency nodes.
See reactions below:
In 2012, I realised the relationship between government & business. My business had been adversely affected by government policy. It dawned on me then that even when you mind your business and just focus on growing, government can destroy all you worked for with a policy#Bitcoin pic.twitter.com/ViMw2Tybtb
— Aisha Yesufu (@AishaYesufu) February 5, 2021
In 2015, General @MBuhari promised to create 3 million jobs annually. And In 2021, #Buhari’s CBN bans cryptocurrency, rendering thousands of Nigerians unemployed. Joblessness and poverty sparked #EndSARS. Creating more joblessness is creating more EndSARS! #Bitcoin #TableShaker
— Reno Omokri (@renoomokri) February 5, 2021