Nigeria’s public and law enforcement agencies are being encouraged to “stop demonetizing” the blockchain and cryptocurrency industries. According to a consortium advocating for risk-based regulation of the crypto business, financial institutions should not use the Nigerian central bank instruction as a pretext for denying service to industry participants. Risk-Based Cryptocurrency Activity Regulations According to a trade group representing the industry, Nigerian law enforcement officials and the general public have been encouraged to stop demonizing and discriminating against crypto and blockchain firms. Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) contend that crypto operations in Nigeria require risk-based regulation and capacity training. SIBAN published a press statement stating that it believes the Central Bank of Nigeria’s instruction announced on February 5, 2021, did not ban cryptocurrencies in Nigeria. Even though no law allows for the arrest or prosecution of crypto organizations, the group claims that industry players are being targeted in their statements. “Individuals or entities involved in any blockchain or cryptocurrency exercise in Nigeria, particularly since the CBN cryptocurrency directive of 2021, have experienced undue arrest and detention, bank-account blocking and closures, discrimination, extortion, harassment, intimidation, seizures, and queries,” the assertion stated. SIBA...
