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Nigerians throw weight behind BICCoN in fight against CBN’s anti-crypto policy

Grieving Nigerians have thrown their weight behind a statement credited to the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), where the body irrevocably condemned the recent ‘overreach’ of the Central Bank of Nigeria.

BICCoN had released a press statement to vent and register its displeasure in what seemed to be a continued clamp-down on activities of crypto traders within the country by the Apex bank.

From the February 2021 ban on crypto transaction in the country to the recent ban/freeze order to banks on suspected accounts, the body, in the press release, suggested that these actions were “questionable.”

“We consider questionable, the actions of deposit money banks (DMBs), nonbank financial institutions (NBFIs), and other financial institutions (OFIs) blocking, closing, and/or freezing the bank accounts of individuals and entities by the mere fact that these individuals and entities are involved in cryptocurrency trading or cryptocurrency-related transactions without more,”BICCoN had stated.

While the CBN isn’t showing element of remorse, Nigerians have gone online to show solidarity to BICCoN.

Reactions from Nigerians

A social media user, Awaji-ikekeinyem Monday, accused the Emefiele-led financial regulator for “destroying” the crypto ecosystem in Nigeria while going forward to floating its newly decentralised digital currency, e-naira.

Awaji-ikekeinyem Monday said: “Rather than build your own house, you go destroying another man’s house. This is the a proof of failure.”

Also supporting BICCoN, another user identified as Brown Lambert noted that the CBN should exercise caution on policy making as cryptocurrencies are fast gaining widespread adoption in larger nations with more competitive economies.

Brown Lambert said: “CBN GOVERNOR, GODWIN EMEFILE, IS A DISGRACE TO AFRICA – AS A WHOLE… You are banning what most developed world are embracing. The World is evolving – for Christ sake! The fiat currency shouldn’t be the only means of currency exchange. Allow people to choose – which is freedom. I don’t know why we keep having sick people at the hem of affairs….”

Other reactions from Nigerians supporting BICCoN’s position captured by Quillcastle Nigeria include:

Hosea Hwere David: “This government is a terrible dictatorship.
They want to control how much money we make as citizens.”

Oghenero Obiriki: “CBN governor is the most confused person I’ve ever seen in my entire life.”

Abdulazeez Adam: “Cbn chasing shadow.”

Evang-Paul Klinthon Maxwell: “CBN initiated digital currency called E-naira and the same time ban another digital currency (crypto currency) which is the parent of all digital currencies. If CBN wants to apply justice let US dollars, Euros and other non- Nigerian Fiat currencies be banned in Nigeria equally. THE MANAGEMENT OF CENTRAL BANK OF NIGERIA, has murdered Nigerian economy on the ALTARS OF ANALOG ERRORS AND LACK OF REASONING. Is Nigerian economy better than other Countries that permitted Crypto currency exchange/Operation.”

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About the author

Ridwan Adelaja

Venture analyst focusing on African tech startups, founders and the Big Five ventures: Amazon, Facebook, Apple, Google and Microsoft.

He also takes time out to showcase amazing African thought leaders. Before coming to maintain his spotlight column on Quillcastle Nigeria, he anchored Youngfrica TV Show on CBA TV during his stay in Hargeisa, Somaliland.

Tel: +2348025300029

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