CBN Bans Bitcoin In Nigeria: Nigerians reacts over CBN decision ban on BTC and other cryptocurrencies in the country -

The sudden ban decision by the Central Bank of Nigeria on BTC and other cryptocurrencies in the country has shocked not just its citizens but the whole world, as Nigeria becomes the first Country to place a ban on Bitcoin and other cryptocurrencies trading.

Cbn bans cryptocurrencies in Nigeria

The Central Bank of Nigeria has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions.

In 2020, Nigeria was reported to have the world’s second largest trading volume of Bitcoin.

The CBN has finally taken a hard-line position against crypto currencies which in recent years has become a major unit of commerce across the Globe.

So for this, CBN ordered banks and other financial institutions to identify persons transacting or operating with crypto currency and close such accounts with immediate effect.

In October last year 2020, the bank restricted some financial institutions from receiving or making online crypto payments.

During the #EndSARS protest last year, the CBN was helpless at blocking the inflow of funds support due to cryptocurrencies being run on decentralised monetary systems that no conventional regulator can restrain.

Trading in Bitcoin and other cryptocurrencies has skyrocketed as the global economy becomes increasingly volatile in the past few weeks.

Nigerians saw the need to utilize crypto transactions to avoid the numerous challenges faced with local money transfer services.

It was reported that in the last five years, Nigerians have traded 60,215 Bitcoins, or more than $566 million USD.

As a result, CBN Bans Bitcoin In Nigeria, and Nigerians expresses grievance over CBN decision to ban BTC and other cryptocurrencies in the country.

Here are some reactions of Nigerians expressing grievances on Twitter.

Nigeria is arguably the current most backward country in the world. #Bitcoin

— Olúyẹmí Fásípè 🇳🇬 (@YemieFASH) February 5, 2021

Valentine’s day is there, but Nigeria chose to ban Crypto and #Bitcoin instead.

Misplaced priorities if you ask me 😥

— Folajimi 🍆 (@jimmythiz) February 5, 2021

The only place I can rep Naija is from the Abroad, Smiling everyday in Nigeria na sin.

❤️💡 from the Abroad 🇬🇧🇦🇺🇱🇷 🇨🇦 #EndSARS #Bitcoin

— OMOJIATE EKPUKHON✪❄️🀄️ ❼ ♛ (@_Omojiate) February 5, 2021

Our govt wahala be like conductor wey no sabi maths#bitcoin is wealth

— Samuel Mbah ◽ (@mbahdey4u) February 5, 2021

Nigerian government to Nigerians whenever there’s progress or any sign to alleviate people from hardship and increase the masses level of livelihood#Bitcoin #Buhari
👇👇 pic.twitter.com/ZasX7UeaV0

— 20-10-20🕊 🇳🇬 Christopher Collins (@xRiZtOpHA) February 5, 2021

Nigeria right now……#Bitcoin #Buhari pic.twitter.com/aFTsBM51Ff

— S2DK (@iam_s2dk) February 5, 2021

It’s now I just believe that our govt is the reason behind the high rate of poverty in Nigeria #Bitcoin pic.twitter.com/ouSHDaSh4q

— Toba🌚 (@mickeys_view) February 5, 2021

Nigeria is the biggest #Bitcoin market in Africa and the world’s second biggest Bitcoin market.

Central Bank of Nigeria (CBN) has banned banks from facilitating crypto currency transactions.

— Africa Facts Zone (@AfricaFactsZone) February 5, 2021

The government of Ukraine has considered building a #bitcoin mining centre to use the country’s excess nuclear power.

Meanwhile in Nigeria, the CBN just prohibited banks from facilitating crypto exchanges and have ordered that accounts involved in crypto exchanges be closed.

— Benue Breed ❄️ (@oyimzy) February 5, 2021

Tags: bitcoin Nigeria ban Btc cbn barns bitcoin trading cbn barns cryptocurrencies in Nigeria cryptocurrencies ban in 9ja

CBN Bans Bitcoin In Nigeria: Nigerians reacts over CBN decision ban on BTC and other cryptocurrencies in the country

Droidvilla Admin

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