After their Central Bank has banned all the cryptocurrency activities by commercial banks, now the Nigeria Securities and Exchange commission also has taken similar action as they have postponed their plan on regulating cryptocurrency. It’s really disappointing for the native people of Nigeria who are dealing with cryptocurrency. When the whole world is observing a positive vibe of Cryptocurrency, World’s richest man is supporting cryptocurrency and his company invested a huge amount on Bitcoin, at this time this decision is just like a bolt from the blue for Nigeria.
Nigeria Securities and Exchange commission stated that by an email, “For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.”
Basically, Both Central Bank and Nigeria Securities and Exchange commission have taken similar action for the sake of giving no chance for using this platform to commit any criminal acts, the government’s agency assumes that Cryptocurrency is one of the medium which is used for black money and negative activities, not only that but also Nigeria government’s body afraid of their own currency “Naira” for impact of Bitcoin because they think Bitcoin could make useless Naira. That’s why they are getting very rigid to stop growing cryptocurrency transactions in their territory.