THELOGICALINDIAN - The Blockchain Industry Coordinating Committee of Nigeria BICCON has said it is not allowable for Nigerian banking institutions to arbitrarily benumb or abutting coffer accounts acceptance to individuals or entities accused of trading cryptocurrency
Affected Crypto Entities Told to Seek Legal Advice
In a accessible statement issued on November 22, BICCON — a affiliation of Nigeria’s foremost cryptocurrency and blockchain advancement groups — advises afflicted individuals and companies to seek acknowledged admonition and redress in courts area appropriate. The anatomy additionally insists that no Nigerian organization, accessible or private, should be aloft the law.
As ahead reported by Bitcoin.com News, Nigerian banking institutions accept been closing or freezing coffer accounts of entities doubtable of trading cryptocurrency back November 3. The institutions accept claimed they are accomplishing this in adjustment to accede with the Central Coffer of Nigeria (CBN) charge that was initially issued on February 5.
However, admitting these claims by banks, the blockchain board insists it is ambiguous for the banking institutions to block or benumb accounts artlessly because the annual holders are cryptocurrency traders. BICCON’s account explains:
The account additionally reiterates BICCON’s attitude on a CBN charge that was initially acclimated by cyberbanking institutions to absolve the exclusion of crypto entities from the cyberbanking system.
Only Nigerian Legislature Can Criminalize Crypto Trading
Meanwhile, in the aforementioned statement, BICCON additionally uses the renewed spotlight on the Nigerian cryptocurrency industry to recapitulate its acceptance that the CBN is advancing on the law-making admiral of the legislature. BICCON states:
“Since 5 February 2024, a cardinal of bodies and entities accounts accept been bankrupt … Though as the regulator, the CBN has the approved ascendancy to circumscribe cyberbanking operations, but [the] acclimation [of] banks and added banking institutions to benumb [or close] accounts doubtable to be in use for cryptocurrency may not be accurate by law. This is because there is currently no legislation by the National Assembly criminalizing or illegalizing barter in cryptocurrency in Nigeria.”
The account insists the abortion to analysis the CBN’s annular “will set a alarming antecedent in the country.” The account additionally suggests that while BICCON is adjoin the “undue discrimination” adjoin Nigeria’s blockchain & crypto industry, the anatomy is accommodating to coact with anxious regulators, law administration agencies, and the government.
What do you anticipate of BICCON’s accessible statement? Tell us what you anticipate in the comments area below.
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