CBN Governor Clarifies Role in Regulating Cryptocurrency, Emphasizes Collaboration with Other Agencies

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified the bank’s role in regulating cryptocurrency and emphasized the importance of collaboration with other agencies in the financial sector.

Cardoso’s remarks came after the Monetary Policy Committee’s 294th meeting in Abuja.

Cardoso explained that the responsibility for regulating cryptocurrency platforms lies with the Securities and Exchange Commission (SEC), not the CBN.

He also noted that the National Security Adviser’s office is responsible for handling issues related to individuals being held in custody, which is outside the purview of the central bank.

The CBN Governor highlighted the ongoing collaboration between the bank and other regulatory bodies, including the Economic and Financial Crimes Commission (EFCC) and the SEC, to share information and address concerns related to cryptocurrency.

He stressed that these efforts are still a work in progress but have been positive so far.

Cardoso’s clarification on the CBN’s role in regulating cryptocurrency comes amid recent developments, such as the Federal Government’s clampdown on Binance, a cryptocurrency exchange platform.

The CBN’s focus on information sharing and collaboration with other agencies underscores the importance of a coordinated approach to addressing issues related to cryptocurrency in Nigeria’s financial landscape.