Cryptocurrency: Senate summons CBN Governor

Following the recent ban on Cryptocurrency based transactions by the Central Bank of Nigeria, CBN, the Senate on Thursday mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the CBN Governor, Godwin Emefiele to clarify controversies surrounding the order.

The red chamber made the resolution following a motion titled: “CBN’s decision to stop Financial Institutions from transacting in Cryptocurrencies and matters arising therefrom”, as sponsored by Senator Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru, (Lagos East).

In their contributions; Federal lawmakers called for caution pointing out that while cryptocurrency has its negative sides, it has become the fastest-growing form of transaction all over the world.

The Senate expressed optimism that the information that would be extracted from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.”