• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
Tuesday, January 31, 2023
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
Bitcoins

Bitcoins [Photo credit: thesun.co.uk]

Why we banned cryptocurrency transactions – CBN

"The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal."

byAbdulkareem Mojeed
February 7, 2021
Reading Time: 2 mins read
6

The Central Bank of Nigeria has explained why it banned cryptocurrency-related transactions in the country, claiming the digital currency is used for money laundering and terrorism.

The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial institutions to block cryptocurrency accounts.

The decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.

The statement by Osita Nwanisobi, Acting Director, Corporate Communications, said the ban on such transactions will not have any negative impact on fintechs..

“The use of cryptocurrencies in Nigeria are a direct contravention of existing law,” the statement said. “It is also important to highlight that there is a critical difference between a Central Bank issued Digital Currency and cryptocurrencies. As the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities,” Mr Nwanisobi said.

“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal,” he added.

“It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.

ALSO READ: Cryptocurrency: How CBN policy will affect Bitcoin investors in Nigeria

“Many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities.

Atiku-Okowa AD

“The role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.

“More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices.”

Read the CBN’s full statement below:

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • Telegram
  • LinkedIn
  • Email
  • Print



Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999

NAHCON State AD NAHCON Tour Operator AD NAHCON Cargo Operator AD

Kogi AD

TEXEM Advert





PT Mag Campaign AD

Previous Post

Nigeria records $2.9bn in annual oil and gas exports in November

Next Post

VIDEO: Why women are at higher risks of cervical cancer – Expert

Abdulkareem Mojeed

Abdulkareem Mojeed

More News

APC and PDP

EXCLUSIVE: Three House of Representatives members from Katsina ditch APC, join PDP

January 30, 2023
_Uyo_Urban_Ward_2,_crowd_outside_a_classroom_at_Government_School,_Ikot_Ntuen_Oku

SPECIAL REPORT: Few weeks to elections, Nigerians go through harrowing experiences to collect PVCs

January 30, 2023
A cartoon used to illustrate the editorial on fuelling public service corruption with unpaid retirees benefits

EDITORIAL: Fuelling public service corruption with unpaid retirees benefits

January 30, 2023
APC presidential candidate Bola Ahmed Tinubu and Nigeria's president Muhammadu Buhari. [PHOTO CREDIT: Bashir Ahmad]

PT State of the Race: Enemy or Friend: Tinubu’s topsy-turvy relationship with Buhari

January 29, 2023
Godwin Emefiele, governor of Central Bank of Nigeria (CBN).

UPDATED: CBN extends deadline for use of old naira notes

January 29, 2023
Nigeria Police officers on duty

Gunmen attack Nigerian police checkpoint, kill three officers

January 29, 2023
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • Digital Store
  • Home
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Gender
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • AUN-PT Data Hub
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • Dubawa NG
  • Careers
  • Contact Us

All content is Copyrighted © 2022 The Premium Times, Nigeria