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FG Directive on Crypto Currency Can’t Affect Igboho’s funding, says lawyer

The legal adviser of popular Sunday Igboho, Tommy Ojoge-Daniel has said that the Gofundme account set up for the activist will not be affected by the warning issued by the Central Bank of Nigeria to Deposit Money Banks, Non-Financial Institutions and other financial institutions against doing business in crypto and other digital assets.

Ojoge-Daniel said this during a chat with newsmen on Friday shortly after the CBN issued its directive.

The fundraiser, which was initiated by Maureen Badejo, a blogger and activist based in cryptocurrency, had garnered £25,589 (N13.2m) as of Friday evening is in danger of being affected by the Federal Government’s directive as cryptocurrency is one of the major ways through which funds sourced through crowdfunding are accessed.

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However, the lawyer said, “CBN’s policy does not affect Igboho’s funding in any way in as much as cryptocurrency is an open-source platform for peer to peer (P2P) exchange of value and it is largely untraceable.

“The open ledger (blockchain) only tracks activities in wallets and cannot hinder or hamper individuals who have crypto in their wallets from sending it to the recipient wallet.

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“They can only track the payments but can never track the payers. The only issue will be exchanging the crypto on a direct platform to a Nigerian account.”

IFRAME SYNC

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