Nigerian Senate Admits they Can’t Ban or Control Pseudonymous Bitcoin (BTC) Transactions

A Nigerian crypto trader is claiming that they sold off all their coins (crypto-assets) following the government’s directives regarding cryptocurrencies. The trader also noted that they’ve now withdrawn all their proceeds, but they haven’t “seen a dime” in their bank account and it’s been more than two days after Luno, an app for purchasing virtual currencies like BTC and Ethereum (ETH), sent them an attached mail.

They also mentioned via Twitter that now Bitcoin is worth Naira 20M+ (over $47,000 at time of writing), they are unable to purchase or withdraw funds. While expressing their frustration, the trader said that “nobody should talk about Nigeria with me. Am done.”

It’s worth noting that what people post or share on social media is not always completely accurate. There are numerous crypto (and other) scams being carried out via Twitter and other major social networks such as Facebook, Reddit, and even LinkedIn.

However, the Nigerian Senate recently admitted “cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what.” Nigerian Senator Sani Musa acknowledged that the technology is “so strong that I don’t see the kind of regulation that we can do.” The Senator notably stated that Bitcoin has made the Naira “almost useless or valueless.”

Senator Musa further noted:

“If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years. We didn’t create Cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting result and Nigeria cannot immune itself from this sort of business.”

Senator Biodun Olujimi noted:

“What we can do is ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonize all the issues concerning cryptocurrency.” 

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