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The Central Bank of Nigeria (CBN) has ordered banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
This was disclosed in a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) on Friday.
In January 2017, CBN had said considering the anonymity of virtual transactions, digital currencies such as bitcoin, litecoin, and others are largely used in terrorism financing and money laundering.
It had also said that such currencies are not accepted as legal tender in Nigeria.
In February 2018, the apex bank 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.
The circular which was signed by the director director for banking supervision, Bello Hassan, and director of the payment system management department, Musa Jimoh, read “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.”
CBN noted that disobedience to the directive will attract severe sanctions.
After the death of a baby following a ceremony, which involves immersing infants three times in holy water, the Orthodox Church in Romania was facing growing pressure on Thursday to […]
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