The Independent Corrupt Practices and Other Related Commission, ICPC Tuesday told the Senate that the #EndSARS protest was largely financed by cryptocurrency.
Bolaji Owasanoye, Chairman ICPC, said there are strong indications that it could be used to fund Insurgency.
Speaking on Tuesday in Abuja during an interactive session with Senator Uba Sani, All Progressives Congress, APC, Kaduna Central led Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market on the decision of the Central Bank of Nigeria to ban Cryptocurrency in Nigeria Chairman, Independent), the ICPC Chairman, Bolaji Owasanoye however threw his weight behind the position of the Central Bank, adding that Cryptocurrency lends itself to money laundering and terrorism financing.
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that his agency averted a $3million fraud linked to twenty bank accounts.
Speaking further, the ICPC boss noted that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.
He reminded the Senate on how in 2018 a number of globally rated financial institutions reported their financial statements had hacked with the perpetrators asking to be paid in Cryptocurrencies.
According to the ICPC Chairman, the CBN as a regulator has responsibility to ensure sound financial stability; it will be difficult to achieve in the case of Cryptocurrencies where the role players are unknown, just as he warned that the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies, sharing with them the experience of the Indian Supreme Court and how it ruled and admitted that it “does not know what it is”.