There has been underground Crypto movements for years, until last year when SEC issued policy statement to the effect of recognizing cryptos as tradeable securities.
Then companies like Roqqu and Binance joined the league (Remitano and Luno).
They were duly licensed.
Naira is listed on Binance and withdrawals are straight into account (Naira).
The sudden directive of CBN could have been precipitated by high level of frauds and shady dealings being carried out by masked elements who simulate fraudulent businesses and ponzi schemes to swindle citizens.
The circular issued by CBN on 5 Feb 2021 is the second of sort to be directed after the first being published in 2017 in the aftermath of the fall of Mavrodi Mundia Moneybox (MMM) in Nigeria.
No matter how terrible and disastrous this shocking policy may appear to crypto users and operators in Nigeria, there is goodnews for all remitanians as the laws are not enforceable to close remitano exchange.
The following reasons are full proof facts why CBN cannot stop crypto trading on remitano:
On this note, I wish to convince all perplexed remitanians to go about their normal business transactions just as no government would be able to stop blockchain technology or cryptocurrency trading anywhere in the world.
What is your opinion about CBN prohibition mandate on crypto in Nigeria?
