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Cryptocurrency ban: CBN replies critics, says its used to finance terrorism, money laundering 4 min read
The Central Bank of Nigeria on Sunday replied those criticising its ban on Cryptocurrency transactions insisting that the currency is issued by unlicensed entities.
The apex bank insists that apart from the fact that Cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria.
Many Nigerians including Former Nigerian Vice President, Atiku Abubakar, former Minister of Education Oby Ezekwesili had faulted the ban on cryptocurrency trading by the Central Bank of Nigeria, saying it may increase “economic pressure” already being experienced by youths.
The Central Bank of Nigeria (CBN) has responded to the public concern raised by its regulatory directive on cryptocurrency trading in the country. Osita Nwanisobi, Ag. Director, Corporate Communications at CBN explains the position of the banking regulator in a statement titled “Response to Regulatory Directive on Cryptocurrencies” obtained by
Technology Times, and reproduced below:
The attention of the Central Bank of Nigeria (CBN) has been drawn to various comments and reactions following our recent reminder to Deposit Money Banks (DMBs) to desist from transacting in / and with entities dealing in cryptocurrencies. Most of these reactions reveal that there appears to be a need to provide further justifications about our position, especially to the general public.