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The Central Bank of Nigeria has said cryptocurrencies promote illegal activities and raise risks, among other reasons.
It said this on Sunday in a statement regarding various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies.
The CBN stated, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability.
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
•Insists restrictions to safeguard Nigerians, financial system
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics.
The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system.