Calls for SEC as Nigeria aims to ban cryptocurrency.

  • Nigeria Targets crypto ban over Naira crisis and inflation

The government of Nigeria is focusing on cryptocurrency exchanges as a result of the country’s sharply rising inflation and rapidly depreciating naira.

Still, a lot of people in the Nigerian crypto community think that stopping naira trading on these platforms would make things worse.

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) executive secretary, Rume Ophi, contends that it is incorrect to hold bitcoin platforms accountable for the depreciation of the naira.

Rather than advocating for a complete prohibition, he thinks that sensible regulation might offer a workable alternative.

These platforms have been accused of contributing to the naira’s devaluation by establishing an informal exchange rate.

However, experts like Iwa Salami, an associate professor at the University of East London, contend that cryptocurrency is being unfairly targeted.

In her recent opinion piece, Salami emphasized that while crypto is often linked to illicit activities, it has never been directly responsible for currency devaluation.

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She advocates for a balanced regulatory approach that protects financial stability without stifling innovation.

Earlier this year, Nigerian authorities intensified their crackdown on cryptocurrency trading platforms, with Binance among those facing scrutiny and charges, including tax evasion.

Despite this, Salami and other experts believe that leveraging existing regulatory frameworks, such as those introduced by the Nigerian Securities and Exchange Commission in 2022, could be more effective.

These frameworks require exchanges to identify wallet holders involved in suspicious activities, providing oversight while supporting the growth of the industry.

Source: Newsng

5 Ways to Earn Money on the Binance Exchange

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Ekene Njoku

I am a passionate blogger, graphics designer, web designer and information researcher. Also, a media marketer

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