To ban or not to ban Bitcoin? – A few days ago, Nigerians were in shock. While they are using Bitcoin like nobody else in Africa, their central bank would like to ban cryptomoney. Fortunately, not all the country’s leaders are so hostile to cryptomoney and are demanding explanations from their central bankers.
But why ban Bitcoin at all?
After the scandalous announcement of the Central Bank’s intention to kill the country’s cryptomongers, the resistance is getting organised and making its voice heard in the Nigerian Senate.
While a first senator, Solomon Adeola, is already asking for a hearing with the leaders of the Central Bank of Nigeria to explain this decision, another senator goes much further and denounces the weakness of their national currency against a currency as strong as Bitcoin can be.
« Cryptomoney has become a means of global transaction (…). This technology is so powerful that I don’t even see the kind of regulation we could put in place. Bitcoin has made our currency almost useless, worthless. »
« 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. » – Senator Sani Musa
Regulation yes, but a ban is out of the question.
Senator Solomon Adeola then returns to the fact that a framing of crypto-actives is far more important (and feasible) than wanting to ban them :
« I am strongly opposed to the outright ban of this medium by the Central Bank of Nigeria (CBN). What the CBN should bring to Nigerians are regulations to regulate the activities of [cryptomoney] services. »
To conclude this eventful session, the Nigerian Senate is asking its central bankers to provide a report on the opportunities and threats that cryptomoney presents to the country’s economy within two weeks.
As one of the senators summed it up very well, they are « not even sure » that the CBN would be able to ban cryptomoney in Nigeria. Peer-to-peer BTC (over-the-counter) exchanges between Nigerians have already experienced a strong rebound since the announcement of the CBN. Remember! Bitcoin can do without banks and any intermediaries.