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Ben Bruce warns CBN against hasty decision on crypto

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Nigerians on social media have strongly condemned the ban issued to Financial institutions against having any crypto or facilitating payments for crypto exchanges.

DAILY POST had reported that the Central Bank of Nigeria, CBN, on Friday instructed Deposit Money Banks (DMBs), other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) as well as local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank gave the directive in a letter to all DMBs, OFIs and NBFIs dated February 5th.

Reacting, some Nigerians accused the Buhari led administration of issuing directives aimed at killing the country’s economy.

Here are some comments DAILY POST gathered on Twitter;

@Lucasscot_101, “Buhari rate farming over crypto. He wants all of us to go back to subsistence farming or animal husbandry.”

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@adetolav, “Protests – Ban, Import restricted items – Ban, Social media – try to ban
Crypto – Bans can’t be the only tool that a government or regulator knows how to use. Especially not in a interconnected global economy.”

“How can a govt enjoy frustrating his own people, simply cos his fulani roaming herdsmen don’t understand how Crypto works? I just can’t explain how I’m feeling right now.”

@Dj_switchaholic, “If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs leading us. Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do.”

@Omojuwa, “The biggest opportunity by far, for wealth creation for Nigeria and especially its young population, is embedded in the thinking, technology and innovation behind cryptocurrencies and its appurtenances. Someone is desperate to ensure this poverty lasts through this century.”

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@Mrodanz, “Buhari loves cattle currency, not crypto currency.”

@dammiedammie35, “How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening.”

@Realolaudah, “Crypto currencies that the whole world is tending to? That billionaires like Elon Musk & Jack Dorsey are speculating on? Some dinosaur in @cenbank will come & give a blanket ban, because he simply doesn’t understand why ownership of a virtual currency should constitute wealth.”

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@Toberry15, “Nigeria is currently running at a public debt of over 31 trillion naira, but crypto banning is top tier in the government scale of preference, what a country.”

@Toluolugbenga, “Dear CBN,You can stop platforms from using the banking system for crypto transactions. But do you know what’s called Peer to Peer?Do you know what’s called DeFi, decentralized finance.You can remain backward but you would not drag us back.”

@daddynomso, “Nigeria’s Dream is to Kill the Youths, Frustrate their dreams to be successful. Every year there is a new Policy to destroy the Youths, Several companies run on Crypto will be destroyed, online transactions will be ruined & this gives Orgasm to CBN & Emefiele. Agents of Pain.”

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Davistech Adewumi (CEO DAVISLOADED) is a Nigerian news carrier blogger, writer, entrepreneur, SEO Expert, Tech Guru and a web developer. We bring you the Nigerian News, Music, Sport Talk and All Informative Messages On This Medium. Connect With Me Via: IG/Twitter: @davisloaded Call/Whatsapp: +2349038173068

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