Browsing: Cryptocurrency ban in Nigeria

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On Friday last week, the Central Bank of Nigeria hit headlines after stopping banks and financial institutions from dealing in Cryptocurrency or facilitating payment for Cryptocurrency exchange.

People’s reactions

The move sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.

CBN’s Position on Cryptocurrency 

CBN has, however, come out to explain why it banned cryptocurrency-related transactions in the country.

According to the apex bank, digital currency is used for money laundering and terrorism.

The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial institutions to block cryptocurrency accounts.

In a statement issued by Osita Nwanisobi, acting director, corporate communications, the ban on such transactions will not have any negative impact on fintech.

Also Read: Why Bank of Tanzania is worried about cryptocurrencies

CBN maintained that its position on cryptocurrencies is not a peculiar …