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Tinubu Lifts Cryptocurrency Ban in Nigeria, Pledges Support for Crypto Users
By Oluchukwu Ikemefuna
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In a surprising move, former Lagos State Governor and All Progressives Congress (APC) National Leader, Bola Tinubu, has lifted the cryptocurrency ban in Nigeria. Tinubu made the announcement during a press conference in Lagos on Thursday, January 18, 2024.
The Central Bank of Nigeria (CBN) instituted the cryptocurrency ban in February 2021, which prohibited banks and other financial institutions from facilitating cryptocurrency transactions.
Crypto users, especially young people who saw cryptocurrency as a means of earning financially, jubilated across the country after the president’s announcement.
“This is a monumental day for Nigeria,” exclaimed Aisha Nakano, a prominent Lagos-based blockchain developer. “The ban stifled our creativity and hampered our ability to compete on the global stage. Now, with the government’s support, we can truly unlock the transformative potential of blockchain technology.”
Tinubu, who is widely regarded as a political heavyweight in Nigeria, said that he decided to lift the ban after consulting with experts in the cryptocurrency industry.
He acknowledged that cryptocurrency has the potential to revolutionize the financial sector and create new opportunities for Nigerians.
“I have listened to the concerns of crypto users in Nigeria, and I have decided to lift the ban on cryptocurrency. We cannot afford to stifle innovation and progress in our country. We must embrace new technologies and find ways to harness their potential for the benefit of our people,” Tinubu said.
While details of the new regulatory framework are yet to be unveiled, Tinubu indicated a focus on consumer protection and financial stability. He emphasized the need for robust Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to ensure the responsible development of the crypto sector.
“We must strike a balance between fostering innovation and protecting our citizens,” he stated. “We will work closely with stakeholders in the crypto industry to develop a regulatory framework that fosters responsible growth while safeguarding the interests of Nigerians.”
Tinubu also pledged to support crypto users in Nigeria by creating an enabling environment for them to thrive.
He promised to work with relevant stakeholders to develop policies and regulations that would ensure the safety and security of cryptocurrency transactions in the country.
“I want to assure crypto users in Nigeria that they have my full support. We will work together to create a safe and secure environment for cryptocurrency transactions. We will also explore ways to leverage cryptocurrency to drive economic growth and development in our country,” Tinubu said.
The lifting of the cryptocurrency ban by Tinubu has been welcomed by many Nigerians, especially young people, who see it as a step in the right direction.
They believe that cryptocurrency has the potential to create new opportunities for them and help them overcome the economic challenges facing the country.
However, some experts have expressed concerns about the lack of regulations in the cryptocurrency industry. They argue that the absence of regulations could expose Nigerians to fraud and other forms of financial crime.
Despite these concerns, Tinubu’s decision to lift the cryptocurrency ban has been hailed as a bold and visionary move. It is expected to stimulate innovation and growth in the cryptocurrency industry and create new opportunities for Nigerians.
Tinubu’s decision to lift the cryptocurrency ban in Nigeria is a welcome development. It shows that he is committed to promoting innovation and progress in the country.
It is now up to relevant stakeholders to work together to develop policies and regulations that would ensure the safety and security of cryptocurrency transactions in Nigeria.
