'You’re promoting poverty’ — DJ Switch condemns CBN’s crypto ban - SALIENT TIMES ONLINE

'You’re promoting poverty’ — DJ Switch condemns CBN’s crypto ban

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By Our Correspondent


DJ Switch, Nigerian disc jockey-turned-activist, has accused the federal government of promoting poverty following the ban on cryptocurrency trading by the Central Bank of Nigeria (CBN).

The CBN had directed banks to close the account of those involved in cryptocurrency transactions in its systems.

As Nigerians took to Twitter on Friday in reaction to the new policy, DJ Switch wrote: “If the ban on crypto by CBN is true, it points yet again to the ill-informed, backward, poverty promoting dinosaurs leading us.

“Use your time to investigate and close accounts sponsoring terrorists in the country if you don’t know what to do!”

If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs 🦖 leading us. Use your time ⌚ to investigate and close accounts sponsoring terrorists in the country if you don't know what to do!!! GAWD 🤦🏾‍♂️#endsars 🚶🏾‍♂️

—Dj Switch (@dj_switchaholic) February 5, 2021

In January 2017, the CBN had said digital currencies such as Bitcoin, Litecoin and others are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

The apex bank had also said that such currencies are not accepted as legal tender in Nigeria.

In February 2018, the CBN issued a warning to people who invest in cryptocurrencies, saying they would be unable to seek legal redress in the event of collapse because they are not protected by the law.

But the past six months witnessed a surge in the number of Nigerians earning a living by trading the digital asset.