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CBN and crypto on war path



CBN and crypto on war path

CBN and crypto on war path

Its been many years since CBN and crypto where on the warpath the Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

This online news platform understands that the development was disclosed in a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) on Friday, February 5, 2021. CBN had in January 2017, said digital currencies such as bitcoin, litecoin, and others are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

The apex bank had also said that such currencies are not accepted as legal tender in Nigeria.

CBN in February 2018, also issued a warning to people who invest in cryptocurrencies, saying they would be unable to seek legal redress in the event of collapse because they are not protected by the law.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” 

‘‘Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.’’

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