We Have Other Alternatives To Trade Crypto-Currency, Twitter Users Tell CBN

The recent ban on trading in crypto-currency by the Central Bank of Nigeria, may cause investors to resort to other trading alternatives, reactions gathered by THE WHISTLER has shown.

The reaction was triggered by the apex bank’s decision to ban crypto-currencies and block accounts of those who transact in the currency.

The CBN said, “All Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions are directed to identify persons and entities transacting in or operating crypto-currency exchanges within their systems and ensure that such accounts are closed immediately.”

The apex bank cautioned the banks and other financial institutions over the risks linked with transactions in crypto- currency.

The ban comes few weeks after the European Central Bank President Christine Lagarde called for the regulation of the crypto-currencies over allegations that the currencies facilitated money laundry and other illicit dealings. She specifically called Bitcoin a “funny business.”

But with the development, Nigerians on micro blogging site, Twitter have threatened to trade the currency informally.

Nancy Isimi, a Nollywood actress said, “Dear Buhari banning Crypto just shows how your only focus is to fight against the youths. Bitcoin stays and I don’t think there’s anything you can do about that.”

DJ Switch said, “Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do!”

A Twitter user @toyosiabolarin said, “Hello @cenbank you just challenged us to innovate. The industry needed it. Thank you and see you in some weeks!.”

Osaretin Victor Asemota said, “If you put all crypto transaction numbers together in Nigeria, they are not up to what people do privately between themselves. Since the CBN blocked Naira deposits, people with bank accounts on both sides have thrived as informal exchanges. That is why you don’t see dollars.”

Gbénga Ṣẹ̀san said, “I thought Nigeria had moved beyond the times when policy didn’t only lag innovation but actively sought to block it. The CBN move against crypto reminds me of the “early” days of Voice over Internet Protocol (VoIP) when there was a move to ban Skype but reason prevailed.”

Another user @iam_steveola said, “The federal government have no power over crypto currency. If they block us from using our bank accounts, we will find another way!”

Kola Aina said, “They say you cannot entrepreneur or innovate your way out of a restrictive & uncooperative policy environment; but in Nigeria we will try!”

Royalty said, “I feel for young Nigerians who have jobs with local crypto exchanges. Also, young Nigerians who have made investments to setup local crypto exchanges. International outfits like Binance and Luno will withstand this via alternatives. But can our 100 per cent Nigerian exchanges do same?”

@KolaOyeneyin, twitted, “CBN is fighting a lost battle. Others are thinking hard on how to embrace and incorporate the inevitable into everyday life.”