Mon. Apr 19th, 2021

Custodian of African News

CryptoCurrency Ban: CSO backs CBN

Following raging controversy over the Central Bank of Nigeria (CBN)’s position on crypto currency, a civil society organisation Bureau for Social Justice, Equity and Transparency, has thrown its weight behind the apex bank stressing that anything that is not governed by law is a risk to society which must be checked.

Consequently, the group said has submitted an affidavit to the Senate committee on banking and finance to avail the lawmakers with facts on how crypto currency is truly dangerous for the purpose of national security and other illicit affiliations.

A statement signed by the organisation’s president, Mr Terna Atule, and made available to journalists in Abuja, argued that democracy cannot thrive if the society is not governed by laws.

“We are not a lawless nation; there must be order if we are to reap the benefits of civilization. Crypto currency is the most dangerous global platform without security and its anonymous nature is deliberate.

“It is through this platform that terrorism, money laundering, other fraud related activities are perpetrated and it is difficult to trace because of its porous nature.

“We are deeply supportive of the bold steps of the apex bank and urge other stakeholders to support the implementation of the ban on crypto currency and every further necessary action while the possibility of a regulatory framework will be developed”, the statement added.

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