Commercial banks notify cryptocurrency operators on account closure

The founder  Cryptopreacher Blockchain Academy, Rume Ophi has said  that commercial banks had notified cryptocurrency traders about the Central Bank of Nigeria’s directive and on account closure.
It will be recalled that the apex bank  CBN had on Friday, directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs)  to close accounts of crypto currency operators.
Acccording to her, with the accounts closed, the traders were trading outside the exchange platforms as there will be no more access to  make payments through channels connected to the financial system.
“The banks are already sending us messages that they will no longer process Bitcoin payments. I have funds in my platform, and I do not intend changing it to naira anytime soon because of what is happening. I will leave the funds for a very long time. I know that from now to the next 10 years, the naira will continue to depreciate. It happened in Kenya, and that same plan was adopted and its working,” he said.
She said that cryptocurrency operators in January met with Securities and Exchange Commission (SEC) on how to regulate it before it was hit by the CBN
“I think the government is not seeing reality in the world of today. This is technology, and you cannot fight technology. Agreed that technology has its bad side, they are supposed to be advised appropriately. SEC recognises cryptocurrency as a financial instrument. I was part of the committee that met SEC about a month ago, to look at how regulations can be brought in. Little did we know that the CBN will come and clampdown on us,” he said.
She said that now, it be difficult for crypto investors to come to Nigeria, and foreign investors would no longer be putting Crypto Exchange Platform in the country.
“We cannot process withdrawal and deposit using our platforms anymore, or through third party platform like Paystack or Flutterwave. But transactions will still go on, though it will be offline. This is not going to be easy for new entrants into the business, and new people may not come in,” she stated.
Ophi said: “One of my customers just requested for $400, he will send me the naira equivalent of $400 and I will send him the Bitcoin. But previously, the transactions will pass through the trading platform and payment made through the banks.
“Also, before now, the customer would simply load his card with naira and pay through the platform. The transactions will now be happening outside the trading platforms, that’s how it was before the platform came into the country. The payment platform gives leverage to a lot of young people. New entrants believe their money is safe when they use the bank to process payment, but that is no longer happening after the CBN clampdown”.

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