To ban or not to ban Bitcoin? – Nigerians were in shock a few days ago. While they are using Bitcoin like no one in Africa, their central bank would like to ban cryptocurrencies . Fortunately, all of the country’s leaders are nowhere near as hostile to cryptocurrencies and are asking their central bankers for an explanation.
But why ban Bitcoin?
After the scandalous announcement of the will to kill cryptocurrencies by the country’s Central Bank, the resistance is getting organized and making its voice heard in the Nigerian Senate .
While a first senator, Solomon Adeola , is already asking to have the leaders of the Central Bank of Nigeria heard to explain this decision, another senator goes much further and denounces the weakness of their national currency in the face of a as strong a currency as Bitcoin can be.
“Cryptocurrency has become a means of global transaction (…). This technology is so powerful that I don’t even see the kind of regulation we could put in place. Bitcoin has made our currency almost useless, worthless. “
Sani Musa, Nigerian Senator
Regulation yes, but a ban is out of the question
Senator Solomon Adeola then returns to the fact that a framing of crypto-assets is much more important (and feasible) than wanting to ban them:
“I am strongly opposed to the outright ban on this medium of exchange by the Central Bank of Nigeria (CBN). What the CBN should bring to Nigerians are regulations aimed at regulating the activities of [cryptocurrency-related] services. “
To conclude this eventful session, the Nigerian Senate asks its central bankers to provide it with a report on the opportunities and threats that cryptocurrencies present to the country’s economy, within 2 weeks.
As one of the senators put it very well, they are „not even sure“ that the CBN would be able to ban cryptocurrencies in Nigeria. Peer-to-peer BTC (over-the-counter) exchanges between Nigerians have already seen a strong rebound since the announcement of the CBN. Remember! Bitcoin can very well do without banks and any intermediary.