Nigerian Crypto and Blockchain Advocacy Group: Freezing or Closure of Bank Accounts Not Supported by Law

In a public declaration released on November 22, BICCON &#x 2014; a union of Nigeria &#x 2019; s leading cryptocurrency and blockchain advocacy teams &#x 2014; suggests afflicted people and firms to look for lawful recommendations and remedy in courts where suitable. The body likewise firmly insists that no Nigerian company, public or exclusive, need to be over the law.

As formerly reportedby Bitcoin com News, Nigerian banks have actually been shutting or freezing checking account of entities believed of trading cryptocurrency given that November 3. The organizations have actually declared they are doing this in order to abide by the Central Bank of Nigeria (CBN) regulation that was originally released on February 5.

However, in spite of these cases by financial institutions, the blockchain board urges it is suspicious for the banks to obstruct or freeze accounts just since the account owners are cryptocurrency investors. BICCON &#x 2019; s declaration discusses:

We think about suspicious the activities of down payment cash financial institutions (DMBs), nonbank banks (NBFIs), and various other banks (OFIs) obstructing, shutting, and/or freezing the checking account of people and entities by the simple truth that these people and entities are associated with cryptocurrency trading or cryptocurrency-related purchases without even more. It is not supported under the present legislations of the Federal Republic of Nigeria.

The declaration likewise restates BICCON &#x 2019; s position on a CBN regulation that was originally utilized by banks to validate the exemption of crypto entities from the financial system.

Only Nigerian Legislature Can Criminalize Crypto Trading

Meanwhile, in the very same declaration, BICCON likewise makes use of the restored limelight on the Nigerian cryptocurrency market to reiterate its idea that the CBN is intruding on the law-making powers of the legislature. BICCON states:

&#x 201C;Since 5 February 2021, a number of individuals and entities accounts have actually been shut &#x 2026; Though as the regulatory authority, the CBN has the legal authority to delimit financial procedures, yet [the] getting [of] financial institutions and various other banks to ice up [or close] accounts believed to be being used for cryptocurrency might not be supported by law. This is since there is presently no regulations by the National Assembly outlawing or illegalizing sell cryptocurrency inNigeria &#x 201D;

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The declaration firmly insists the failing to assess the CBN &#x 2019; s round &#x 201C; will certainly establish an unsafe criterion in the nation. &#x 201D; The declaration likewise recommends that while BICCON protests the &#x 201C; unnecessary discrimination &#x 201D; versus Nigeria &#x 2019; s blockchain & crypto market, the body wants to work together with worried regulatory authorities, police, and the federal government.

Tags in this tale account freezing orders, Blockchain, Blockchain Industry Coordinating Committee of Nigeria (BICCON), CBN crypto, Central Bank of Nigeria, Cryptocurrency, cryptocurrency investors, Nigeria crypto

What do you believe of BICCON &#x 2019; s public declaration? Tell us what you believe in the remarks area listed below.

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