Browse By

Nigeria senator : Bitcoin has made our currency useless

The Senate of Nigeria did not properly erase the Central Bank’s attempt to ban bitcoin, which ordered all banks in the country to close accounts of people associated with cryptocurrencies. Reacting to the news during the Thursday plenary session, Senator Sani Musa of the Niger East Senatorial District remarked:

“Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.”

The people reacted to the ban, considering that the sales volume of person to person increased considerably in the last week. The switch to alternative channels in Nigeria was practically immediate, reinforcing the idea that trying to stop bitcoin’s growth is ineffective.

Other senators who made their voices heard during the plenary session argued against the CBN ban, they also decided to invite the CBN governor to a hearing before the appropriate committees to discuss issues related to future crypto regulations in the country.

One thought on “Nigeria senator : Bitcoin has made our currency useless”

  1. Pingback: With a weak currency and a high inflation, Nigerians adopt bitcoin and government declares war - Digest Time
  2. Trackback: With a weak currency and a high inflation, Nigerians adopt bitcoin and government declares war - Digest Time

Leave a Reply

Your email address will not be published. Required fields are marked *