SIBAN said banks and other financial institutions must 'appreciate the difference between blockchain technology and cryptocurrency.' cryptocurrency blockchain
from the Central Bank of Nigeria did not ban cryptocurrencies in Nigeria. Yet, despite there being no law that provides for the arrest or persecution of crypto entities, the association’s statement said industry players are being targeted.
Besides asking security agencies to recognize the blockchain and cryptocurrencies, SIBAN implored banks and other financial institutions to “appreciate the difference between blockchain technology and cryptocurrency.” The advocacy group said in instances where cryptocurrency is not involved, banks and other financial institutions should not use the CBN directive to justify denying service.
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