Bitcoin has made the Naira almost useless, says Nigerian Senator

As previously reported by Cointelegraph, the Central Bank of Nigeria has issued a circular banning banks from operating crypto exchanges.

Senator Sani Musa of Niger East Senatorial District responded to the news during Thursday’s plenary session, noting:

“Cryptocurrency has become a global transaction where you can’t even tell who owns what. The technology is so strong that I don’t see what kind of regulation we can do. Bitcoin has made our currency almost useless or worthless. “- Senator Sani Musa

– The Nigerian Senate (@NGRSenate) February 11, 2021

For Senator Musa, Bitcoin (BTC) and not soaring foreign debts, decades of poor economic policy and corruption are responsible for the decline of the naira. Meanwhile, Bitcoin adoption in the country has increased amid the CBN’s questionable monetary policy.

Other senators who spoke out during the plenary session spoke out against the CBN ban. Senator Biodun Olujimi of Ekiti South constituency said the goal of crypto regulation in Nigeria should be aimed at preventing its use by rogue actors.

“We didn’t create cryptocurrency, so we can’t quit or refuse to make sure it works for us. These children do good business with it and they get results, and Nigeria cannot get immune to this type of business. “

The Nigerian Senate has decided to invite the CBN governor to a hearing before the relevant committees to discuss issues related to future crypto rules in the country.

The CBN ban has been criticized by several actors in the Nigerian crypto scene. Many exchange platforms have taken steps to turn off fiat funding while encouraging their customers to use peer-to-peer channels for the time being.

Meanwhile, reports have been released from bank customers who have received notifications of account closures for past crypto activity. In fact, the CBN policy has mandated banks to close accounts that are involved in crypto trading.

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