Economy

Ban on Cryptocurrencies to Save Country’s Financial System, CBN Tells Critics

The Central Bank of Nigeria (CBN) says it will continue to do all within its regulatory powers to educate Nigerians to desist from use of cryptocurrencies — despite growing criticism.

The bank, in a statement on Sunday evening, said it is determined to protect the country’s financial system from activities of “fraudsters and speculators”.

Its directive to banks to close accounts of persons or entities involved in cryptocurrency transactions has been criticised, with former vice-president, Atiku Abubakar, asking the bank to rescind the decision.

Listing various reasons for its action, the central bank said not only are cryptocurrencies issued by unregulated and unlicensed entities, the patrons and users value “anonymity, obscurity, and concealment” and there are risks of “loss of investments, money laundering, terrorism financing, illicit fund flows and criminal activities”.

TheCable

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