CBN AND EFCC ON BTC & OTHER CRYPTOCURRENCIES.Good or Bad for Nigerians?

[Evergreenpost]

Position of the EFCC and CBN on Bitcoin in Nigeria

The Chairman of the Economic and Financial Crimes Commission (EFCC) recently spoke about the misuse of Bitcoin (BTC) and other cryptocurrencies by certain individuals. According to him, some corrupt politicians and criminal groups have used BTC as a tool for money laundering, terrorist financing, and to scam others. He also noted that those involved in crypto-related scams using other cryptocurrencies have been arrested.

The Central Bank of Nigeria (CBN) issued a circular in February 2021, banning banks and financial institutions from dealing in or facilitating transactions involving BTC and other cryptocurrencies. The CBN stated that Bitcoin is too volatile to serve as legal tender and raised concerns about its use in illegal activities, including money laundering and financing of terrorism by bandits and corrupt individuals. Another key reason for the ban was the lack of regulation, making cryptocurrencies beyond the control of the central bank.

Although, in December 2023, the CBN partially lifted the ban and introduced guidelines for Virtual Asset Service Providers (VASPs), signalling a shift toward regulated use of digital assets.

CBN and EFCC Actions on BTC: Shielding the Economy or Slowing Innovation?

The EFCC and CBN have expressed serious concerns about Bitcoin and other cryptocurrencies. While the CBN initially banned them, it has now moved towards regulation. The EFCC still views BTC as a tool often used for fraud, terrorism financing, and money laundering.

Yet, many Nigerians are turning to Bitcoin to beat inflation and protect their savings amid the economic instability.

What are your views?
Is the government's strict stance on BTC helping to protect the nation, or is it hurting financial innovation and individuals' freedom?

https://www.efcc.gov.ng/efcc/news-and-information/news-release/10584-efcc-bursts-syndicate-of-792-cryptocurrency-investment-romance-fraud-suspects-in-lagos-arrests-193-chinese-arabs-filipinos-others

https://www.afriwise.com/blog/cbn-lifts-ban-on-crypto-banking-transactions

https://www.tiktok.com/discover/last-interview-of-efcc-chairman-talking-the-yahoo-boys-full-video

EFCC's official Facebook post detailing the recovery

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.facebook.com/officialefcc/videos/landmark-recovery-by-the-efccworld-recordefccmilestoneefccnigeria/714359231115205/&ved=2ahUKEwjZwbXzqtqNAxV887sIHdxfFooQtwJ6BAgSEAE&usg=AOvVaw2V_wZQ29w4bAU2KW-PuOIN

[Charles-Tim]

The Chairman of the Economic and Financial Crimes Commission (EFCC) recently spoke about the misuse of Bitcoin (BTC) and other cryptocurrencies by certain individuals.

Recently? Paste the link on the topic content on this thread. I mean a link of the news that you read it from about the CBN recent talk about bitcoin and other cryptocurrencies.

The EFCC and CBN have expressed serious concerns about Bitcoin and other cryptocurrencies. While the CBN initially banned them, it has now moved towards regulation. The EFCC still views BTC as a tool often used for fraud, terrorism financing, and money laundering.

Yet, many Nigerians are turning to Bitcoin to beat inflation and protect their savings amid the economic instability.

What are your views?
Is the government's strict stance on BTC helping to protect the nation, or is it hurting financial innovation and individuals' freedom?

Why referring to EFCC? But you posted what I bolded in your quote about CBN. CBN got hostile to bitcoin in 2021 and people moved to P2P which is out of CBN control.

You can have crypto business in Nigeria but foreign investors prefer better crypto friendly countries like Sychelles in East Africa.

[Hewlet]

What are your views?
Is the government's strict stance on BTC helping to protect the nation, or is it hurting financial innovation and individuals' freedom?

There's nothing wrong about the government of a nation standing firmly that any form of illegality that's associated with cryptocurrency being curtailed. Except you're getting your crypto the way or you're using it the wrong way, there's no way the stand of the government should be looked at as a step in the wrong direction.

The simple questions are, is it true that most youths are abusing the purpose that crypto is supposed to serve? The answer to this should be a unanimous, yes. Has there not been instances when kidnap process has in one way or the other been linked to crypto? The answer is still  yes, so then, what's then wrong if a responsible government decides to go against what they perceived to be standing against the peace of her nation? If everyone uses crypto the right way, no one will fight against it, it's just that we have the bad eggs that are spoiling things for those of us that are going about it legitimately thereby making it look like anyone that's involved in crypto is doing it for the wrong reason.

[Evergreenpost]

The Chairman of the Economic and Financial Crimes Commission (EFCC) recently spoke about the misuse of Bitcoin (BTC) and other cryptocurrencies

Recently? Paste the link on the topic content on this thread. I mean a link of the news that you read it from about the CBN recent talk about bitcoin and other cryptocurrencies.

https://www.tiktok.com/discover/last-interview-of-efcc-chairman-talking-the-yahoo-boys-full-video


https://www.efcc.gov.ng/efcc/news-and-information/news-release/10584-efcc-bursts-syndicate-of-792-cryptocurrency-investment-romance-fraud-suspects-in-lagos-arrests-193-chinese-arabs-filipinos-others


https://www.afriwise.com/blog/cbn-lifts-ban-on-crypto-banking-transactions


EFCC's official Facebook post detailing the recovery

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.facebook.com/officialefcc/videos/landmark-recovery-by-the-efccworld-recordefccmilestoneefccnigeria/714359231115205/&ved=2ahUKEwjZwbXzqtqNAxV887sIHdxfFooQtwJ6BAgSEAE&usg=AOvVaw2V_wZQ29w4bAU2KW-PuOIN

[Mpamaegbu]

The Chairman of the Economic and Financial Crimes Commission (EFCC) recently spoke about the misuse of Bitcoin (BTC) and other cryptocurrencies by certain individuals. According to him, some corrupt politicians and criminal groups have used BTC as a tool for money laundering, terrorist financing, and to scam others. He also noted that those involved in crypto-related scams using other cryptocurrencies have been arrested.

Nor mind dat irrelevant agency called EFCC. Na to dey harass people wey nor get mouth be dem own. How dem case with Yahaya Bello take go? How many top politicians wey dey wit govment wet dem don prosecute to logical conclusion. Na to dey chase people wey dey  genuine cryptos upandan com be their own na. D only time wey EFCC even get face na during OBJ tenure wen Ribadu dey head dem. But since Ribadu left and joked active politics, nothing real dey happen there again.

Now na, the more u look the less u see.

[CryptSafe]

The government will always interfere with innovations because everything is seen as a threat to them, and they would at all costs want to or make sure they regulate it to suit their own terms to gain total control by means of regulation but that is very far from the truth for why they want to control everything. However, the truth still remains the same way as people would want to exploit every means to ue an innovation or technology tot heir advantage which crypto is not exempted and as a matter of fact, there have been lots of atrocities committed by scammers and other groups which are potential risks just as OP had mentioned and these are the reasons why the government wants to regulate everything under their watch.

One thing I think we should know is that every new technology or innovation is being exploited by people for so many reasons best known to them, so the issue of wanting to stop or regulate crypto will never end it but only reduce the activities of these guys who perpetrate evil with the system. Also, the more the government mounts pressure on the system, the more they are ahead with new methods to carry out their activities, so the issues of regulation can never stop them from doing their dirty job.

Evergreenpost, you can edit your OP to include the links you have provided so that all will be on the same page for members to see it rather than scrolling down the page to get the links.

[Charles-Tim]

https://www.tiktok.com/discover/last-interview-of-efcc-chairman-talking-the-yahoo-boys-full-video

This is what I am requesting. We all know about when CBN banned crypto and when there was new administration and everything changed.

About EFCC, they can not like crypto but naira is mostly used for criminal activities. Everything that they accused crypto of have been like that in Nigeria before cryptocurrencies are well known in Nigeria and fiat are used for them.

[SatoPrincess]

In my opinion the EFCC are one of the biggest criminal organizations in Nigeria. Their words are far from sincere and are definitely not in the interest of Nigerians. The EFCC have misplaced priorities, they should do their job and arrest the corrupt politicians that are looting the country.

[Tonimez]

In my opinion the EFCC are one of the biggest criminal organizations in Nigeria. Their words are far from sincere and are definitely not in the interest of Nigerians. The EFCC have misplaced priorities, they should do their job and arrest the corrupt politicians that are looting the country.

Cryptocurrency is not a very traceable transaction and that's the truth about it. There are many online platforms that have shaky traceability and those platforms are subject to fraud. Things like P2P scams are not traceable and you may never recover your assets once lost. Even though the Nigerian system is corrupt, sometimes these policies are meant to checkmate things to the barest minimum.

[Agbamoni]

The simple questions are, is it true that most youths are abusing the purpose that crypto is supposed to serve? The answer to this should be a unanimous, yes. Has there not been instances when kidnap process has in one way or the other been linked to crypto? The answer is still  yes, so then, what's then wrong if a responsible government decides to go against what they perceived to be standing against the peace of her nation? If everyone uses crypto the right way, no one will fight against it, it's just that we have the bad eggs that are spoiling things for those of us that are going about it legitimately thereby making it look like anyone that's involved in crypto is doing it for the wrong reason.

Bitcoin and other cryptocurrency serve the same purposes here and in every part of the world. Not only the Nigerian citizens or the government are using it for the wrong reasons. Definitely, people will use it for both good and bad this is why it is a technology that everyone has access to. However, this is based on individuals interest.

In the aspect of government interest, they should always use it for the growth of the country. No two ways about it. If it wont benefit the country then they should avoid it. But the reverse is this case. Despite the calmness towards regulations on Bitcoin, the government still have their eyes on every financial institutions that tend to implement blockchain technology and the money they charge them for operations is high.

[Smartvirus]

In my opinion the EFCC are one of the biggest criminal organizations in Nigeria. Their words are far from sincere and are definitely not in the interest of Nigerians. The EFCC have misplaced priorities, they should do their job and arrest the corrupt politicians that are looting the country.

When you don’t have a clean house, you can’t hope to have a clean environment about you. The agency would have been such a good one but, their are those within its ranks that has taken the immunity the agency offers, give that they check and regulate other agencies but, don’t get the same treatment from anyone and has used this to perpetuate what we would call wrong. Giving excuses and turning a blind eye to some of the ills by those in high places. Sometimes you find these people come up the frontlines and next thing, they go silent.

When it’s about cryptocurrency, I just take it that they need to say something and make certain pronouncements which they have done and there is really nothing much to it.

[Evergreenpost]

This forum is filled with people of intellect who share valuable insights. Every thread I read here increases my awareness and sharpens my thinking. I truly enjoy sharing ideas with people of intellect; it challenges me and helps me grow.
From the contributions shared, I have come to understand that government intervention is normal and happens everywhere, not just in Nigeria. As long as our dealings with Bitcoin (BTC) are legitimate and not used for the wrong purposes, we have nothing to fear.

Now that the Central Bank of Nigeria (CBN) has lifted the ban, BTC is a good-to-go deal. The EFCC will only go after those who use it for illegal activities.
Thank you all for your contributions. If I had the capacity, I would merit everyone for your good contributions.

[Africolo]

In my opinion the EFCC are one of the biggest criminal organizations in Nigeria. Their words are far from sincere and are definitely not in the interest of Nigerians. The EFCC have misplaced priorities, they should do their job and arrest the corrupt politicians that are looting the country.

EFCC are not doing their main objective and that's simply comprehending the top criminals. We're referring to politicians that are busy embezzling huge funds, money meant for projects but using it to fuel up themselves with exotic cars and mansions, traveling in and out of the country. EFCC are more focused on yahoo boys, this was never the intent for this particular body to be carry out. Perhaps our beloved country have been turn in ruins and alot going on already, shattered pieces of the country and it will take diverse unity for this country to move forward.