Nigeria District Block Chain Technology Association calls for supervision of the encryption industry

Nigeria District Block Chain Advocates the Nigerian District Block Chain Technology Association (SIBAN), encrypted currency is legal and must be regulated. The group added that any such supervision should encourage innovation on the one hand and on the other hand.

Equality to get banks and financial services

Nigeria District Block Chain Advocacy Group Nigeria Block Chain Technology Association (SIBAN) urged Nigeria Central Bank (CBN) to reconsider its decision to “prevent encrypted monetary entities from entering the banking ecosystem”. The group insisted that “encrypting currency is legal” and launched a “let the encrypted currency to be supervised” in the tweet.

It has taken into effect from the CBN instruction. Now, Siban calls on all institutions and government departments to play a role in “ensuring encrypted currency as a recognized and regulated asset category”, and also explore the potential benefits of supervision and encrypted currencies.

“We advocate virtual asset service providers (VASP) according to Nigerian Constitution, applicable law – especially Nigeria’s law on anti-money laundering and hitting terrorist financing (AML / CFT) regulations – so that the public is unprecedented by discrimination to obtain banks and Financial services. This method will help our law enforcement agencies to investigate, including Nigerian Police and Economic and Financial Crime (EFCC), “Siban explained.

Joint supervision of encrypted monetary assets

SIBAN recommends that the Nigerian Securities and Exchange Commission (SEC) and other relevant regulators must participate in any regulatory actions related to encrypting currencies, as “according to the law of the Federal Republic of Nigeria, this is its statutory duty”. However, this is a suggestion that may anger CBN.

Prior to February 5, 2021, Nigeria Sec and Central Bank seem to be in the supervision of the encrypted currency industry – the former released an advertisement as early as September 2020, and the encrypted monetary assets were set as securities. However, after the central bank took action, Nigeria Sec to indicate that it has suspended its advertisement and is negotiating with the CBN.

In addition, SIBAN explains the idea of ??”what is the future” of a regulated encrypted currency industry?

“The regulator should take the supervision method that encourages innovation, while preventing poor actors, not all actors. Although there is a certain risk of encrypted currencies, the role of supervision does not make risk, but can be based on the world’s best practice and include All relevant stakeholders in the industry participants work together to manage risks. ”

At the same time, Siban also emphasized “consumer protection, investment security, and safe and robust financial system”. However, the group insisted that “there is no regulatory agency in the world to do this alone.”