Why we banned cryptocurrency transactions - CBN
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Nigeria, Feb. 7 -- 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, Daily Trust reported Sunday.
"The use of cryptocurrencies in Nigeria are a direct contravent...
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