CBN bans cryptocurrency: Central Bank of Nigeria don explain why dem ban cryptocurrencies [Bitcoin, Dogecoin, Ethereum] – BBC News

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7 February 2021

Godwin Emefiele / Bitcoin

Di Central Bank of Nigeria don explain why dem place restrictions on di use of cryptocurrencies for all banks wey dey di kontri.

For inside on statement wey di Acting Ditrector , Corporate Communications Osita Nwanisobi sign on Sunday evening, di Apex bank for Nigeria say dem don already forbid all commercial banks wey dey di kontri from trading or transacting wit it since 2017.

Di CBN mention say some oda kontries like China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia, don also ban cryptocurrenecy trading sake of say dem fit dey use am for financing terrorist, launder money and do some kain bad things.

Di statement also say dat di fact dat na unregulated and unlicensed entities dey issue cryptocurrenciees sef make am no dey in line wit di CBN mandates as dem write am fro inside di CBN Act (2007) as entity wey fit issue legal tender for Nigeria.

Di CBN say di name and nature of cryptocurrencies sef dey suggest dat di patrons and di users like to dey hide face and wonder why an entity go dey hide face if di kain business wey dem dey do dey legal.

Di Apex bank for di kontri however assure say dia actions no be to affect any technology-driven payment system or form inimical to di development of FinTech.

Di CBN say di reason why em make dia recent regulatory directive na to protect di financial system and ever kontri pipo including di youths from di risks wey dey inside crypto assets transactions.

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