According to a popular Facebook celebrity, Kunle Oshobi, the ban is targeted at frustrating the efforts of Nigerians in the Diasporas who might be raising money for Sunday Ugboho's fight against Fulani herdsmen.
This is how he puts it on his FB wall: This Junta is going after those trading in crypto currency, they must have been shocked by the ability of the #EndSARS promoters to raise funding via crypto currency after the government illegally blocked their bank accounts.
Also this might be an attempt to block funding for Sunday Igboho as many Yorubas in diaspora have indicated interest in supporting him financially.
Japan legalized crypto currencies as a means of payment in April 2017.
In February, 2021, the Nigerian Central Bank placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country, effectively banning it.
Many Nigerians are of the opinion that whether anyone likes it or not, crypto currencies are here to stay and stay forever.
Block chain experts believe that block chanin technology is the future!
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