Reason CBN banned transactions in cryptocurrencies REVEALED

Central Bank of Nigeria has shattered the hearts of many Nigerian youths with it's new order. According to an open statement by CBN, accounts of people transacting in crypto currencies (bitcoins and all) are hereby prohibited. 

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS:

"The Central Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/GEN/CIR/06/010 which cautioned deposit money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency refers. 

Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. 

Accordingly, all DMBs, NBIFs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately. 

Please note that breaches of this directive will attract severe regulatory sanctions. 

This letter is with immediate effect. 

Yours faithfully, 

Bello Hassan

Director of Banking Supervision 

Musa Jimoh 

Director Payments System Management Department."

The main reason The CBN banned transactions of cryptocurrencies in Nigeria is because of the huge donations received via bitcoin during the End SARS. Nigerian Government is looking for all means to ban everything that helped the End SARS in October 2020.

Recall that the CEO of Twitter donated during the End SARS through bitcoin. Nigerian Government has banned cryptocurrencies, blocked bank accounts of End SARS protesters and now, forcing Nigerians to link their NIN to the SIM cards. All these are attempts to monitor Nigerians next move. 

After the news of the cryptocurrency ban was announced, End SARS began to trend. Nigerians immediately knew that the End SARS was the main reason for the ban of cryptocurrency in Nigeria. 

Reactions from Nigerians below:

Four-eyed Edo Boy tweeted:

@Alex_Houseof308

3h

The #EndSARS

 BTC donations really pain these people sha. E pain them reach bone."

Mark Amaza

@amasonic tweeted:

"It just occurred to me that there might be a connection between the new CBN policy on crypto and the #EndSARS

 protests."

Other reactions:

On CBN crypto policy:

1. When you think you only have hammers, everything is a nail. Why is CBN’s response to anything it doesn’t get (from #EndSARS to crypto) to block accounts?

2. Why don’t they engage stakeholders before issuing abrupt policies that rarely solve the problem?

— Tola (@adetolaov) February 5, 2021

You guys know the reason for this NIN thing was because your lawmakers felt unsafe during the #EndSARS protests because numbers they couldn’t trace called them.

Bitcoin donations were made to support the movement see the news today.

Let’s brace up for social media regulation.

— Pastor Ola ✨ (@Biisi96) February 5, 2021

You forgot that same Godwin Emefiele gave draconian order through the CBN to freeze #EndSARS protesters bank accounts, which are still frozen up till now btw.

Did we all perhaps think it will stop there?🌚

— Rinu #EndSARS🔥🔫 (@SavvyRinu) February 5, 2021

REAL REASON Buhari’s CBN blocked Cryptocurrency: When @jack Dorsey visited Nigeria in November 2019, he had some #Bitcoin meet ups. He solicited money for the #EndSARS street protest organizers. There was a wallet account advertised. Adamu Garba, #emefiele all pushed the BAN. pic.twitter.com/Is2Pm732GT

— Journalist/Pharmacist Dr Kemi Olunloyo (@KemiOlunloyo) February 5, 2021

After aiding the murder of young Nigerians during the #EndSARS they are now targeting businesses owned by young Nigerians. Never met a bunch of old men that hate kids like this

— Imoh (@ImohUmoren) February 5, 2021

It is impossible for one not to see a correlation between #ENDSARS and this desperate move by the CBN. pic.twitter.com/6uXMg5GeuW

— JJ. Omojuwa (@Omojuwa) February 5, 2021

It is impossible for one not to see a correlation between #ENDSARS and this desperate move by the CBN. pic.twitter.com/6uXMg5GeuW

— JJ. Omojuwa (@Omojuwa) February 5, 2021

The Nigerian government has just legitimized a reason for security forces harassment/profiling.

• Finding any Crypto app or trading app on your phone.#EndSARS

— Rinu #EndSARS🔥🔫 (@SavvyRinu) February 5, 2021