Site icon YCNews

The Central Bank of Nigeria bans cryptocurrency transactions

The Central Bank of Nigeria bans cryptocurrency transactions

△ Nigeria Central Bank Headquarters Building

February 5th, local time, the Central Bank of Nigeria issued an official letter indicating that it required the country’s banks, non-bank financial institutions and other financial institutions to immediately close all accounts involving cryptocurrency transactions and prohibit the sale of cryptocurrencies or the provision of payment facilities for such transactions.

The Central Bank of Nepal warned that non-compliance with the directive would lead to “severe regulatory sanctions”.

The ban has aroused widespread concern and controversy in Nepal.

Some young Nigerians said that the ban would stifle innovation and freelance work and hinder the development of the country’s digital economy.

Others welcomed the ban, believing that it would block the financial transactions of terrorists and armed rebels, who obtained funds from their international sponsors through cryptocurrencies to buy bombs.

The drug, at the same time, the ban will effectively block financial support for illegal demonstrations.

Nigeria is the most active cryptocurrency market on the continent.

In terms of transaction volume, Nigeria is the second largest bitcoin market in the world after the United States.

According to Nigerians have traded about 60,215 bitcoins since 2015, or more than $566 million.

Exit mobile version