CIBN, CBN Carry out Survey to Legalise Bitcoin in Nigeria

By Modupe Gbadeyanka

The Chartered Institute of Bankers of Nigeria (CIBN) said it has partnered with the Central Bank of Nigeria (CBN) to carry out a national survey on the possible adoption of cryptocurrency in the country, especially Bitcoin, the most popular among the digital currencies in the world.

The Nigerian authorities are yet to give legal backing to the use of cryptocurrencies in the country and have warned her citizens not to be involved in transactions using digital currencies.

President of the CIBN, Mr Segun Ajibola, during a visit to the Senate President, Mr Bukola Saraki, in Abuja recently, said the survey is mainly to way the pros and cons of the system and to also fully understand how it operates.

Also during the visit, the CIBN chief said there was a need for deeper understanding of legislature in the role of the banking sector as drivers of the economy, revealing that the body would soon approach the National Assembly to amend its extant law, the CIBN Act No. 5 of 2007 so as to further strengthen its capacity to deliver on its statutory mandate.

However, he appealed to the Senate to urgently pass the Financial System Strategy (FSS 2020) Bills into law to promote financial inclusion and strengthen electronic payment system in the country.

According to Mr Ajibola, the quick passage of Nigeria International Financial Centre Bill, Financial Consumer Protection Bill, and the Electronic Transactions Bill was critical to the implementation of FSS 2020.

However, he commended the Senate led by Mr Saraki for the passage of the collateral securities into law.

He said further that the passage of 15 other major economic Bills passed to law and the review of about 50 existing extant laws showed the commitment of the Senate to the growth of the nation’s economy, which got out of recession last year.

Mr Ajibola noted that the establishment of the Collateral Registry Bill was a good one because it provides an enhanced environment for Micro Small and Medium Enterprises (MSMEs) to access credit.

In his remarks, the Senate President said the upper parliament will continue to support efforts of stakeholders to improve the economy and create more jobs for youths in the country.

“We will continue to create an enabling environment for the youth to exploit their entrepreneurial talent especially as the public sector does not have the jobs that could provide gainful employment for the youth,” Mr Saraki stated.

Also, the Senate President said there was need to deepen financial inclusion to reach the unbanked population in hard to reach areas of the country, noting that the importance of the FSS2020 Bills and observed that FSS2020 must be brought to the front burner in view of its strategic work that is important to the financial system and economic growth of Nigeria.

On the amendment of the CIBN Bill, the nation’s number three citizen said the Senate will give its full backing to the exercise.

On the pending economic bills, Mr Saraki said a small joint technical committee would be established to prioritize them for quick passage.

According to him, “The Chairman of the Committee on Banking will be on hand to facilitate a working collaboration on the critical Bills with the delegation, particularly FSS2020 High Level Legal Working Group and the FSS2020 Secretariat.”