The Central Bank of Nigeria has again reiterated it ban on cryptocurrency in Nigeria.
The bank on Friday asked deposit money banks, non-bank financial institutions to identify persons and or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.
The CBN said: ‘Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.’
The CBN circular of January 12, 2017 ref R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency refers.
“Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited.
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“Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.”
Cryptocurrency is a digital asset or virtual currency designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
