By Ignatius Okorocha
Senate on Thursday mandated it’s joint Committees on Banking and Insurance, Capital Market, ICT and Cyber Crimes to invite Central Bank Governor, Mr Godwin Emefiele to brief it on opportunities and threats of crypto currency transaction to the nation’s economy and security.
It also invited the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda to also brief the committees.
Senate’s resolution, followed adoption of a motion on Thursday at plenary on CBN’s decision to stop financial institutions from transacting in crypto currencies.
The motion was sponsored by Sen. Gyang Istifanus (PDP Plateau North.)and co-sponsored by Sen Abiru Adetokumbo(APC Lagos).
Gyang in his presentation said the directive of CBN to financial institution was a follow up of its earlier directives in January 2017 and Feb 2018 which forbade banks not to use, hold, trade in crypto currencies.
He said the decision of the CBN was said to have been predicted on the need to safeguard the economy from adverse effects of crypto currency regime which were unregulated digital currencies issued by anonymous entities
He, however,said the CBN directive had attracted sharp reactions from Nigerians and had become a topical subject of national discuss.
He said crypto currency was both an opportunity and a threat hence,the Senate had a responsibility to ensure that the nation and citizens did not miss out in opportunities that crypto currency offered.
In the same vein, he said it was also in the place of the Senate to mitigate and prevent likely consequential effects on the nation’s economy and security that may result from crypto currency transaction.
Contributing to the motion, Sen. Biodun Olujumi (PDP Ekiti) said Nigeria did not create crypto currency and therefore could not possibly kill its operation.
She said Nigeria should not exclude itself from global technological developments shaping the world.
“We can regulate and manage crypto currency transactions in Nigeria,we can not kill, it because some of our youths are working hard and doing great in technology.”
Sen. Bassey Akpan (PDP Akwa Ibom) said Nigeria must not shy away from technological development, saying that Nigeria should be committed to follow the trend of technology in the world.
Sen.Solomon Adeola (APC Lagos) said the CBN’s ban on crypto currency was shying away from its oversight duties.
He said it was important to invite the CBN governor to find out the regulations put in place to regulate the activities of those operating in crypto currency in Nigeria.
Adeola said all over the world the activities of crypto currency operators are regulated.
President of Senate, Dr. Ahmed Lawan, in his remark said that the CBN needs to educate Nigerians more on the issues revolving crypto currency transactions in Nigeria especially as to how it impacts the economy and security.
He said the Senate wanted to have more information and be guided on next line of action, noting that the motion may not be the last on crypto currency as the issues are still developing.
In the same vein, he said it was also in the place of the Senate to mitigate and prevent likely consequential effects on the nation’s economy and security that may result from crypto currency transaction.
Contributing to the motion, Sen.Biodun Olujumi (PDP Ekiti) said Nigeria did not create crypto currency and therefore could not possibly kill its operation.
