Cryptocurrency traders have appealed to the Central Bank of Nigeria (CBN) to partially suspend the ban for six months.
The operators (traders) in a report titled: “Much ado about cryptocurrency – A path to regulated cryptocurrency environment”, requested that exchanges should be allowed to make payouts and liquidate their accounts during the window of suspension as the CBN deliberates on the next line of action.
The report signed by 15 representatives of the Nigerian Tech Industry also demanded that exchanges should be restricted from receiving any further deposits from customers during the period.
Last month, the CBN barred Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs) from dealing with cryptocurrencies and facilitating payments for cryptocurrency providers in Nigeria.
The operators said the total monthly bitcoin transactions (total trading volume) in Nigeria were valued at N80 billion at the close of last year.
“This is more than the total monthly turnover on the Nigerian Stock Exchange (NSE) in the second quarter of 2020. Many Nigerians use these digital currencies to conduct transactions in and out of the country,” they said.
The operators also requested that the CBN and other regulatory bodies can regulate cryptocurrency exchanges with existing laws and licenses.
“The apex bank can add legal certifications for exchanges—for example, registration under the Special Control Unit on Money Laundering (SCUML),” the operators said.
