Social media is agog and on fire as the Central Bank of Nigeria has issued a directive to the country’s commercial banks regarding cryptocurrency exchanges and transactions.
CBN Bans Cryptocurrency
This directive was contained and conveyed in a circular that was released on Friday to Deposit Money Banks, non-bank financial institutions, and other financial institutions. (DMBs, NBFIs and OFIs)
Sometime in January 2017, the Central Bank of Nigeria said that digital currencies like Bitcoin, Litecoin and others could be classified as currencies used to finance terrorism and other vices because of the anonymity of the transactions are virtual.
It also said that such currencies would not be accepted as legal tender in Nigeria.
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A year later, the apex bank issued a warning to cryptocurrency investors, telling them that they would not be able to seek redress if the system collapsed, because they had no backing by the law.
This new development, as CBN bans cryptocurrency, comes hot on the heels of an apparent global surge in the value of different cryptocurrencies, and the fact that cryptocurrency is being viewed as the currency of the future.
A lot of people have taken to Twitter to register their displeasure at this new directive as CBN bans cryptocurrency.
The government has been called backward and lacking vision, with a seeming determination to frustrate the youth and cause them to remain poor.