The Blockchain Technology Association of Nigeria (SIBAN) has called on the government to stop discriminating and demonizing blockchain and cryptocurrencies. The association stated: “In Nigeria, individuals or entities involved in any blockchain or cryptocurrency activity are subject from time to time to wrongful arrest and detention, bank account blocking and closure, discrimination, extortion, harassment, intimidation, seizure and questioning, Especially since the Central Bank of Nigeria CBN Cryptocurrency Directive in 2021.”
In addition to requiring security agencies to identify blockchain and cryptocurrencies, the association implores banks and other financial institutions to understand the difference between blockchain technology and cryptocurrencies.
Banks and other financial institutions should not use CBN directives to justify denial of service when cryptocurrencies are not involved, the association said. Earlier news, in February last year, Nigeria’s central bank ordered commercial banks to block cryptocurrency transactions and fined banks that violated the order.