CBN still maintain it stand by insinuating on crypto as an element used to perpetrates illegal acts such as money laundering, scam, and any form of fraudulent act due to it anonymity.
CBN is anti-bitcoin critic, bitcoin is money and an asset, it is normal if criminals are using it as they are using fiat but just that fiat are mostly used by criminals.
i still look forward to when our government will wake up to see the number of Nigerian youth trooping for cryptocurrency neglecting their ineffective E-Naira.
CBN knows that Nigerians are effectively trading cryptocurrencies through the P2P means of exchange. Never regard the CBN as the government, CBN is a governmental organization that deals with monetary policy, CBN are not government, just like a family that has a company, calling the company the family is not right.
CBN did not fine the bank because people are trading using p2p (but also if not stated in the purpose of making a bank transfer to be about cryptocurrency) because other banks like GTBank and Kuda Microfinance bank that most crypto traders in Nigeria are using were not fined.
But, we need to be careful, especially people that are into frequent buying and selling of cryptocurrencies, making it to becoming just like an organization for them that can be detected by CBN.
I see this move as a good move from the CBN most especially when we want to deal with money launderers who have seen cryptocurrency as their save heaven.
The fine is not because of money laundering, it is because some accounts of users were used in crypto transactions and failure to close customer crypto accounts as directed by the CBN. Although, I was confused about this because court ordered the banks to unfreeze people's bank account, but maybe this happened after the ban.
It is fair that the CBN fined the defaulting financial institutions. They already stated that digital currencies are largely used in terrorism financing and money laundering of which there is a point.
No crypto transaction yet linked with Boko Haram, but I am not saying cryptocurrencies can not be used in financing terrorism or money laundering just like fiat, if fiat can be used, then crypto as a money can also be used. Check this interesting news about six Nigerians that US sanctioned for financing Boko Haram.
Full list: US sanctions six individuals for supporting Boko HaramThe UAE Federal Court of Appeals in Abu Dhabi had convicted Abdurrahman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan, and Surajo Abubakar Muhammad for transferring $782,000 from Dubai to Boko Haram in Nigeria.
If fiat can be used, why always condemning crypto for what fiat can be used for.
When I talk am say there is bitcoin ban in Nigeria some people talk say nothing like that, say na partial ban or say na only Buhari fit do am. Wetin come be this now where CBN begin sanction banks? We deh forget say na Buhari get CBN.
Not partial ban? It is partial ban.
Nigerians are still able to access centralized exchanges that is very easy for the government to make sure no Nigerian would be able to access any centralized exchange in a way decentralized means of exchange would be the only option left.
This is old already, but I do not like to refer to it because even CBN do not have the power to place total ban on cryptocurrencies. This is what CBN made clear after the 5th, February 2020 crypto ban:
According to a report on Sunday, bank officials have said the directive is not to be mistaken for an outright ban. Instead, the bank said it has reiterated an already imposed 2017 ban on institutions facilitating cryptocurrency transactions.
Speaking on behalf of the bank's chief, Godwin Emefiele, Deputy Governor Adamu Lamtek said the bank had never banned cryptocurrency activity in the country.
The CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in them, said Lamtek. "What we have just done was to prohibit transactions on cryptocurrencies in the banking sector."
But, even, the CBN do not have the power for total ban, CBN can only propose more ban to the government, the government may accept it or reject it.