The Nigerian Senate has asked Godwin Emefiele who is the head of the country's central bank (CBN) to give a full report on cryptocurrencies - the dangers and benefits they bring
The situation in Nigeria is far from positive. Since the fifth, when the CBN ban began, cryptocurrency trading in the country has been frozen. Large and private trader's funds were affected.
What began as a protection of the financial system could exacerbate the plight of Nigerians who would have no other way to save their savings from inflation.
Nigeria is therefore prepared to make concessions. The first positive fact in this favor is the decision of the Senate. Published in the official channel on Twitter, it has caused a serious debate among adherents of cryptocurrencies.
The fact is that some Nigerian officials are extremely pessimistic. For example, the head of CBN believes that cryptocurrencies can support fraud, because transactions cannot be tracked. According to him, it is necessary that the regulator knows all the "secret codes" and has access to the history of the citizens transactions.
Twitter users immediately fended off - and does the U.S. Central Bank demand something similar from its users? No! Why then these difficulties.
Moreover, some users believe that in the cryptosphere there is a form of mayhem. Such bills should be passed by the National Assembly and not issued by financial regulators.
Representatives of the Senate of Nigeria, in turn, recognised that the ban of cryptocurrency imposed by the regulator is a mistake. Digital assets should be looked after, not banned. Banning has never been a good decision.
It is enough to create conditions under which cryptocurrencies cannot be used to the detriment. It is not yet clear how to achieve this, but we need to try.