regulated by the CBN. A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography (the art of writing and solving codes to secure its transactions, control the creation of additional units, and to verify the transfer of assets. A press release issued by the Bank on Wednesday, February 28, 2018, reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN. Despite that, the remarks come at a time when Nigeria has seen growing interest in cryptocurrency investments. The release states that dealers in cryptocurrency, such as NairaEx, a Nigeria-based bitcoin trading platform, are not licensed or regulated by the CBN. As previously reported by CoinDesk, Nigeria was among the top countries using the bitcoin search term, according to Google Trends in 2017, alongside South Africa, Slovenia, Netherlands and Austria. Receive Alerts on: Whatsapp:, Twitter: @MobilePunch, BBM: C003D3DC0, share your story with us: SMS:, Whatsapp:, Email: email protected. Related News, the Central Bank of Nigeria (CBN) on Wednesday cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria. The commentary follows previous messages sent to Nigerian financial institutions in early 2017, in which the CBN advised domestic banks to distance themselves from cryptocurrencies, warning not to use, hold or transact in any way with the technology.
It will be recalled that the. CBN on January 12, 2017, issued a circular to Banks and other financial institutions on virtual currency operations in Nigeria.
The statement signed by the Banks Acting Director in charge of Corporate Communications, Isaac Okorafor, emphasized that dealers and investors in any kind of cryptocurrency cash back forex weekly in Nigeria were not protected by law, thus may be unable to seek legal redress in event of failure. It added that since they are not protected by law, these investors may not be able to seek legal redress in event of failure or collapse of the business. The apex bank warned Nigerians against investing in crypto-currency as doing so would be at their own risk. Download THE punch news APP NOW. In a press release issued Wednesday, the CBN warned residents and financial institutions that cryptocurrency investments are unprotected, and investors face risks such as exchange bankruptcy and market volatility. Okoroafor added that the legal implications of such arrangement is that they may be unable to seek legal redress in event of failure of the exchangers or collapse of the business. The Central Bank of Nigeria (CBN) has reiterated its warning against cryptocurrency investments. Coindance, weekly trading volume on Localbitcoins in Nigeria surged 500 percent in 2017. Quartz Africa, partially accounting for Nigerias internet search levels in addition to controls placed on the countrys capital outflow is a bitcoin-related Ponzi scheme that reportedly resulted in 2 million residents losing a combined 50 million in early 2017. Ifeanyi Onuba, Abuja, the Central Bank of Nigeria on Wednesday night cautioned Nigerians to be wary of investments in crypto-currency, stating that virtual currencies are not legal tender in Nigeria. According to data from. It further noted that transactions in virtual currencies were largely untraceable and anonymous thereby making them susceptible to abuse by criminals, in cases of money laundering and financing of terrorism).
CBN warns against investment in virtual currencies. Statement issued in Abuja, stated that crypto-currencies such. The Central Bank of, nigeria cBN ) has warned, nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin. In a statement on Tuesday.
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