No going back on cryptocurrencies - CBN

Despite the growing criticisms, Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has said that it will continue to do all within its regulatory powers to educate Nigerians to desist from the use of cryptocurrencies.

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

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

According to the bank in the statement signed by Osita Nwanisobi, its acting Director of Corporate Communications, countries like China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all placed a certain level of restrictions on financial institutions facilitating cryptocurrency transactions.