By Andy Asemota

The Senate has met with the Central Bank of Nigeria (CBN), other regulatory agencies and some stakeholders in the financial and capital systems behind closed doors.

The interactive meeting of the senate joint senate committee on banking, insurance and other financial institutions; ICT and cyber crime and capital market with the relevant agencies and bodies on the CBN’s decision to stop financial institutions from transacting in Cryptocurrencies and matter arising therefrom went into a closed session after a brief opening session in the National Assembly.

In an opening remarks, Senator Uba Sani, chairman of the joint committee, said the joint committee is on fact finding mission  with no preemptive recommendation or stand regarding the entire matter except after thoroughly analyzing the submission of all stakeholders.

“We shall look at the case of those engaged in Cryptocurrency transactions and their contention that is in line with global financial trends and best practices. We shall also look at the position of the CBN that Cryptocurrency transaction is a high risk endeavour and that it is a convenient avenue for money laundering to support terrorism and insurgency. CBN is uncomfortable with the unregulated and secret nature of Cryptocurrency transactions and fears that it will damage Nigeria’s heavily challenged economy if not checked,” said Sani.

He was optimistic that the interactive meeting would provide an opportunity for all to air their views on the issue in contention.

The interaction will help to shed more light on Cryptocurrency; its mode of operation, links to our banking and financial systems, as well as threats to our national security due to its secret and unregulated nature.