The
apex bank said in a statement issued in Abuja that cryptocurrencies such as
Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin, and exchanges such as
NairaEx, were not licensed or regulated by it.
The
statement signed by the bank’s Acting Director, Corporate Communications, Isaac Okorafor, explained that dealers
and investors in any kind of cryptocurrency in the country were not protected
by law.
It
added that since they were not protected by law, such investors might not be
able to seek legal redress in the event of failure or collapse of the business.
The apex bank warned Nigerians against investing in cryptocurrencies as doing
so would be at their own risk.
The
bank had on January 12, 2017, issued a circular to banks and other financial
institutions on virtual currency operations in Nigeria.
In the
circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, the CBN had, among other
issues, noted that virtual currencies were traded on exchange platforms that
were unregulated all over the world.
It noted
that transactions in virtual currencies were largely untraceable and anonymous,
thereby making them susceptible to abuse by criminals for money laundering and
financing of terrorism. (Punch)
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