Nigerians express frustrations concerning the recent CBN enforcements. Citizens tag it as an attempt to eradicate ‘new money.’
Following the previous ban against cryptocurrencies' procurement, the CBN has once again dropped a heavy bombshell on the nation. This time, Fintech enterprises are the area of concern.
Major Updates
- Nigerians view the objectives as an attack on all Fintechs.
- The government could induce another identification system, local media suggests.
- Nigerian crypto advocates sense a threat in the CBN policy.
- Nigerian youth feel targeted by the recent CBN news update. The CBN is yet to disclose the reasons behind the regulations.
The BVN, which was once approved as a verified KYC, among third parties has now been abolished. The purpose of allowing the BVN to be used as a means of verification was to deter criminal activity. Now, being scrapped out could lead to a wide array of complications. All befalling Fintech Businesses in Nigeria.
One particular Nigerian media report suggests that the news could be due to a national identification system shift.
While this theory is greatly neglected, it could as well hold. This is because the country has been slowly allocating greater importance to the National Identification Number —NIN. The NIN now stands as highly essential for various important processes in Nigeria. This includes registration of SIM cards, registration of external exams, registration of voters, and Bank operations.
On the other hand, Nigerian youth and crypto advocates feel targeted by the recent policy. They see this as a means of crippling the ‘new money’ system which would, in turn, favor the younger generation and economy —two things which are highly neglected in Nigeria.
One Nathaniel Luz, a crypto supporter, even made a post on Facebook which said;
“There is a handwriting on the wall— the fact that most ‘traders’ on the Nigeria Stock Exchange (NSE) are over 50 years and there is no pipeline for young people flowing. Old men are trying to use every means possible to frustrate new money guys from economic independence. This is very specific, knowing that this is a decade where we expect a global shift/wealth transfer.”
Conclusion
With the current rise in concern among the Nigerian youth and advocates of digital money, the CBN is still yet to reveal the reasons behind their actions.
Question of the Day
Do you think this is an effort to stifle Crypto activities, and hence the Nigerian youth body?
