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CBN Hammers Cryptocurrency Traders, Directs Banks to Close Their Accounts


Festus Akanbi
The Central Bank of Nigeria yesterday directed banks and other financial institutions to immediately close any accounts dealing in cryptocurrency or facilitating payment for crypto currency exchange, with immediate effect.
A cryptocurrency (or crypto) is a digital unregulated currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in the currency, not backed by any government, is to trade for profit, with speculators at times driving prices skyward.
The banking regulatory authorities directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions. ....

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