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A Nigerian crypto industry leader, Chris Ani has stated that regulatory uncertainty in Nigeria is a major reason why police officers would categorize young crypto traders as a fraudster. Chris Ani who is the Founder and CEO of the digital education company, <a href="https://daba.school/" target="_blank" rel="noopener">Daba School</a>, said this while delivering a keynote address at the ongoing Technext Coinference in Lagos. 
While enumerating the challenges with the crypto space in Nigeria and Africa at large, Chris Ani said regulatory uncertainty has wreaked so much havoc on the crypto space that many crypto founders like himself have been caught in limbo. While noting that conversations with regulators have begun since 2017, he however revealed that six years down the line these conversations have yielded little or no fruitful results. 
Referencing the Central Bank of Nigeria (CBN) ban on crypto activities in 2021, the crypto industry leader said it was a shame that somebody could wake up one day and decide what happens in such a big industry without recourse to conversations. 
“In 2021, someone just woke up and banned crypto. This is why once the police check your phone and see crypto buying and selling, either on a crypto platform or even a WhatsApp group, they will say you’re a Yahoo boy, even when you have never done Yahoo before. If you ask they will say crypto has been banned by government and anybody doing crypto is a criminal,” he said. 
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 The CBN under Godwin Emefiele and President Buhari banned crypto activities Source: The Cable
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<h2 id="crypto-at-the-heart-of-ongoing-battle-between-nigerian-youths-and-police">Crypto at the heart of ongoing battle between Nigerian youths and police</h2> 
There is an open war between Nigerian youths and the Nigeria police and that war doesn’t seem to be abating anytime soon. This war is mainly because of the police profiling an average youth as a fraudster even without proof. 
It is very typical for police officers to stop young people, usually driving a nice car and using a nice phone and target them. Usually, police officers search through their phones and laptops for supposed evidence of fraudulent activities. They usually look out for huge bank transactions and crypto involvement. 
Many Nigerian youths have been harassed, extorted and sometimes maimed and killed in the process. This societal menace was the driving force behind the popular #EndSARS uprisings in 2020. Nigerian youths across the countries took to the streets for weeks protesting against police harassment and brutality. 
Because of the lack of employment, many Nigerian youths have taken to crypto trading to earn an honest living. This has given rise to many crypto platforms like Quidax, XPad, Daba, Fuse and Yellow Card in the country. 
In 2021, the Central Bank of Nigeria banned crypto activities in the country. This ban was followed by the blocking of bank accounts suspected of trading in crypto. One of the reasons given for the ban is that because of the inability to trace crypto transactions, fraudsters and other criminals are using the digital currencies for their nefarious activities. 
Indeed the apex bank <a href="https://technext24.com/2022/04/07/cbn-fines-three-commercial-banks-%e2%82%a6800-million-for-cryptocurrency-transactions/">slammed six commercial banks</a> with a fine of N1.3 billion for facilitating crypto transactions on their platforms. These banks include Stanbic IBTC, First City Monument Bank (FCMB), Access Bank, Wema Bank, United Bank for Africa (UBA) and Fidelity Bank. 
“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately,” the CBN said at the time. 
The ban saw the exit of several crypto companies from the country. That policy was met with protestation by many tech leaders who insisted that it was a terrible move coming at an inopportune time. Chris Ani I reiterated the same sentiments at Technext Coinference, insisting that the technology is too powerful to be regulated on a whim. 
“If regulators know how powerful this blockchain we have is, we won’t be begging the government to sit down with us,” he concluded in his keynote speech. 
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 Attendees at Technext Coinference 2023
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Technext Coinference is the largest gathering of crypto enthusiasts in Nigeria. Currently in its third edition, this year’s edition is theme, Disruptive Tech: New Frontiers, New Opportunities 
See also

Regulatory uncertainty is why police would term crypto traders fraudsters- Blockchain leader

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