Blockchain Group Raises Concern over Crypto Shutdown in Nigeria

Blockchain group raises concern over crypto shutdown in Nigeria. With the continued war on crypto platforms in Nigeria, Blockchain group have now raised concerns and the possible repercussions the decision will have.

Blockchain Group Concern over Crypto Shutdown in Nigeria

Blockchain Group Concern over Crypto Shutdown in Nigeria

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has raised concerns regarding the Nigerian government’s recent crackdown on cryptocurrency platforms, warning of potential adverse consequences.

As an intercommunity working group, BICCoN fears that such actions may drive cryptocurrency and other virtual asset activities underground, into unregulated and opaque channels. Emphasizing the importance of responsible regulation, the committee urges the government to approach the regulation of virtual assets in Nigeria with caution and diligence.

The Necessity of Establishing Proper Rules and Enforcement Mechanisms

BICCoN emphasizes the necessity of establishing proper rules and enforcement mechanisms to manage any inherent risks associated with virtual asset service providers (VASPs) while safeguarding the stability of the financial system.

Expressing discontent over the recent shutdown of crypto websites in Nigeria, the committee acknowledges the need for regulatory measures to protect the financial system. However, it criticizes the sudden and abrupt nature of the shutdown, which undermines trust in the country’s financial infrastructure.

BICCoN Expresses Apprehension on Overly Stringent Measures

BICCoN expresses apprehension that overly stringent measures could drive cryptocurrency transactions underground, where they become difficult to monitor and regulate effectively. Instead, the committee advocates for the implementation of fair and transparent regulations that ensure accountability within the cryptocurrency industry while maintaining the stability of Nigeria’s financial system.



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