Nigeria Government Cannot Stop Cryptocurrency Says Central Bank of Nigeria

In recent times we have seen how cryptocurrencies is being adopted by many firm, just this morning I read a post from @fulltimegeek on Australian airport becomes the first to accept Bitcoin (and STEEM !!!), which is a great news to crypto enthusiast like us. But in spit of these adoptions, there are also great fight by governments and business firm who cannot adopt to this system because they cannot regulate it.

As steemians in Nigeria celebrate the introduction of some exchanges such as @steemexchangers and @airhawk-exchange which makes conversion of cash out from steemit easier, the news about Nigerian Government shutting down exchanges and cryptocurrency transaction increase. These has caused panic and many have decided to pull out. This can be seen in some recent powering down of Steem Power so as to convert to fiat currency.

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The central bank of Nigeria Earlier in January issued a warning to Nigerian banks on cryptocurrencies, this came as a result of many questions regarding the authenticity of cryptocurrencies and if it is a legal tender in the country.

The CBN reiterates that virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc, and similar products are not legal tenders in Nigeria, thus any bank or institution that transacts in such businesses does so at its own risk”.

This warning was misunderstood and it resulted to the current panic in the crypto world in Nigeria. The central bank through it Vice Chairman, Mr. Musa Itopa-Jimoh has come out to clear the air regarding the January 12 statement. The stand of the central bank remain the same but not against the use of cryptocurrencies. Here is the statement issued from Mr Musa Itopa-Jimoh;

Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it.

That is the stand of the central bank, therefore investors in cryptocurrency do it at their own risk. The Central bank will not be held responsible should any of the exchange platform shuts down. They also warn banks not to involve in it as it can help support money laundry in the country.

This is good news to all crypto enthusiast, as they can go about their respective crypto transactions with the fear of the government cutting down on them. It is also not a kick against crypto investment, as investors are told to bear the risk and gain of their transactions and not blame government should anything go wrong.

There is therefore no need for panic henceforth, as we can now go about our respective crypto businesses, buying steem and powering up.