No going back on cryptocurrencieS – CBN

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CBN

The Central Bank of Nigeria (CBN) says it will continue to do all within its regulatory powers to educate Nigerians to desist from use of cryptocurrencies – despite growing condemnations among Nigeria.

The bank, in a statement on Sunday, said it is determined to protect the country’s financial system from activities of “fraudsters and speculators”.

The apex bank in the statement signed by Osita Nwanisobi, its acting director of corporate communications revealed how China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions,

Its directive to banks to close accounts of persons or entities involved in cryptocurrency transactions has been criticised, with former vice-president, Atiku Abubakar, asking the bank to rescind the decision.

It listed various reasons for its action, the central bank said not only are cryptocurrencies issued by unregulated and unlicensed entities, the patrons and users’ value “anonymity, obscurity, and concealment” and there are risks of “loss of investments, money laundering, terrorism financing, illicit fund flows and criminal activities”.

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