No doubt, the decision of the Central Bank of Nigeria (CBN) on Friday, February 5, to ban cryptocurrency trading in the nation dashed the hopes of many citizens and spoiled business for a lot of persons.
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The apex Nigerian bank claimed that the online trading system is used by some persons to fund terrorism across the world, adding that it is also a means of encouraging cyber crime through Deposit Money Banks (DMBs) and Non-Bank Financial Institutions (NBFIs).
The resolve of the federal government has been met with a lot of reactions and criticisms, understandably by those who are into the virtual business.
A report by The Nation outlines lists of countries that have banned cryptocurrency and those who still consider it legal.
Nations that considers the practice illegal:
12. The Republic of Macedonia
16. Saudi Arabia
List of countries that still permit cryptocurrency by their citizens:
8. The Netherlands
11. The United Kingdom
18. Hong Kong
Earlier, the CBN had directed all banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
This was contained in a circular issued on Friday, February 5, distributed to DMBs, NBFIs, and OFIs.
The circular was signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.
Legit.ng gathered that the apex bank told the regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
The CBN said:
“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."
Source: Legit Nigeria