Crypto traders want six-month suspension of CBN’s restrictions

Cryptocurrency operators have appealed to the Central Bank of Nigeria (CBN) to partially suspend the ban for six months.

In a report titled: “Much ado about cryptocurrency – A path to regulated cryptocurrency environment”, the operators requested that during the window of suspension, exchanges will continue to be restricted from receiving any further deposits from customers.

The report was signed by 15 representatives of the Nigerian Tech Industry.

The operators said the total monthly bitcoin transactions (total trading volume) in Nigeria were valued at N80 billion at the close of last year.

“This is more than the total monthly turnover on the Nigerian Stock Exchange (NSE) in the second quarter of 2020. Many Nigerians use these digital currencies to conduct transactions in and out of the country,” they said.

The operators also requested that the CBN and other regulatory bodies can regulate cryptocurrency exchanges with existing laws and licences.

“The apex bank can add legal certifications for exchanges—for example, registration under the Special Control Unit on Money Laundering (SCUML),” the operators said.

Recall that the CBN in February barred Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs) from dealing with cryptocurrencies and facilitating payments for cryptocurrency providers in Nigeria.

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