SIBAN reaffirms its view that the Central Bank of Nigeria (CBN) did not restrict cryptos in Nigeria in a press release dated February 5, 2021. Even though no policy allows for the arrest or prosecution of crypto organizations, the group claims that market players are being aimed in their statements.

"Individuals or organizations involved in any blockchain or crypto operation in Nigeria have encountered incidences of arbitrary arrest and detention, bank account restricting and shutdowns, unequal treatment, coercion, bullying, harassment, seizures, and queries from time to time, — especially since the CBN crypto guideline of 2021," the statement said.

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SIBAN urged banks and other financial institutions to "acknowledge the distinction between blockchain technology and cryptocurrency," requesting that security agencies distinguish blockchain and cryptocurrencies. According to the advocacy organization, banks and other financial institutions should not use the CBN guideline to justify denying service in cases where bitcoin is not involved.

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Ireland to ban political crypto contribution

Concerns that Russia might try to sway Ireland's electoral process have prompted the executive authorities in Dublin to develop new political integrity regulations to prohibit foreign donations to political parties. The tougher laws are intended to ban Irish parties from taking cryptocurrency contributions and require them to disclose their assets fully.

According to the Irish newspaper Independent, the revisions will give the Electoral Commission the right to enforce take-down warnings to social media sites and notifications of online misinformation activities, resulting in a dramatic shake-up of the country's electoral laws.

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Local Government Minister Darragh O'Brien, who is in charge of the reforms, was cited as saying:

"The heinous attack of Ukraine and the devious disinformation campaign underline the basic vulnerabilities that all democracies face."

O'Brien also revealed that his colleagues had agreed to put in place the tough measures he's proposing to preserve Ireland's "democratic system" in the "escalating threat of cyber warfare attacking free countries." The Electoral Reform Bill 2022 will make the necessary changes to the political funding laws.

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The new Irish Electoral Commission, which should be in place by the summer, will be charged with establishing criteria for political advertising on the internet, including requiring parties to explicitly explain how their commercials are sponsored and the demographics they are targeting. Party leaders will be required to certify that their political organizations follow the new rules.