Nigeria's crypto crackdown causes confusion
dw.com
2/12/2021
dw.com
Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. It's triggered anger among Nigerians who see cryptos as a safe haven in a battered economy.
© picture-alliance/dpa/J. Kalaene
Provided by Deutsche Welle
Cryptocurrencies eliminate the need for banks and other financial intermediaries in managing exchanges of currency and assets.
Despite the technology being decentralized — with no government, company or person controlling it — the Central Bank of Nigeria (CBN) is cracking down on the trade of cryptocurrencies.
Last Friday, the CBN instructed commercial banks and other financial institutions to close accounts transacting with cryptocurrency exchanges.

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