Siban: "The Central Bank of Nigeria must reconsider its anti -Critical directive" – Bits Media

Blockchain industry participants are asking the Central Bank of Nigeria to revise the directive, prohibiting commercial banks and financial institutions to carry out cryptotransactions.

The request was announced at the second annual summit of the participants in the Association forum blockchain (BAF), where representatives were present more 53 countries. President of the Blockchain Association Nigeria (Siban) Senator Nihenen (Senator Ihayen) stated, that the Directive of the Central Bank of Nigeria on digital assets only prevents law enforcement agencies from investigating cryptocurrency crimes. Regulators have yet to introduce the regulatory framework for crypto acts, Therefore, it is worth focusing on an effective system for monitoring transactions and reporting, not on direct prohibitions of cryptocurrencies, The president of Siban reason.

Nihenen thinks, that the Nigeria government should improve interaction with interested parties in the crypto acting industry. This will create rules, which will not only ensure compliance with the standards, but they will increase the level of trust between regulators and companies. Nihenen also called on the Central Bank to revise the national blockchain implementation strategy, To make sure, that all parties act sequentially and in common interests, contributing to increasing safety and the development of innovation.

At the same time, Siban President noted, that the securities commission and exchanges of Nigeria (SEC) and a financial intelligence unit Nigeria (Nfiu) Now recognize cryptocurrencies with financial innovations, which must be adjusted. The new rules apply to platforms for the supply of digital assets (Daop), Services for storage of digital assets (DAC), Virtual assets service suppliers (VASP) and exchangers of digital assets (DAX). 

Recall, that in June, Siban introduced the Code of Cryptor's Code, which is aimed at protecting the interests of customers and preventing financial crimes.

"TO 2030 the year Nigeria plans to get before $10 billion due to the introduction of blockchain. We are glad, that Siban is recognized as a participant in the national blockchain implementation strategy. But at the same time there is insufficient cooperation between the central bank, SEC and other regulatory authorities on this issue ", - said the head of Siban.

Previously, Siban already called on state bodies and banks not to refuse to maintain companies, working with blockchain, since this technology can be used not only for cryptocurrencies, but also in different sectors of the economy.