Senate to invite Emefiele on crypto currencies transactions
The Senate has mandated the Committees on Banking and Insurance, Capital Market, Information Communications Technology and Cyber Crimes to invite Governor of Central Bank of Nigeria, Mr Godwin Emefiele to brief it on crypto currency transactions.
The resolution for the invitation followed adoption of a motion by Sen. Gyang Istifanus (PDP-Plateau) at Thursday’s plenary on CBN’s decision to stop financial institutions in the country from transacting in crypto currencies.
In his presentation, Sen. Gyang said the CBN directive to financial institutions was a follow up to its earlier directives of January 2017 and February 2018 which prohibited banks from using, holding and trading in crypto currencies.
The law maker said the decision was predicted on the need to safeguard the economy from adverse effects of crypto currency regime which were unregulated digital currencies issued by anonymous entities.
He asserted that the CBN directive had attracted strong negative reactions from Nigerians and had become a topical subject of national discourse.
According to him, crypto currency was both an opportunity and a threat; hence, the Senate had a responsibility to ensure that Nigeria and its citizens don’t miss out in the opportunities that crypto currency offered.
In her contribution, Sen. Biodun Olujumi (PDP-Ekiti) said Nigeria did not create crypto currency and therefore could not possibly kill its operation, adding that Nigeria should not exclude itself from global technological development shaping the world.
“We can regulate and manage crypto currency transactions in Nigeria, we cannot kill it because some of our youths are working hard and doing great in technology,” she added.
Sen. Bassey Akpan (PDP Akwa Ibom), said Nigeria must not shy away from technological development, stressing that the country must follow the trend in technology in the world.
In his remark President of Senate Ahmed Lawan said that the CBN needed to educate Nigerians on crypto currency transactions especially its impacts on the economy and security.
Sen. Lawal said the Senate wanted more information before it can be guided on next line of action, adding that the motion may not be the last on crypto currency as issues were still developing.
