Fidelity bank card banner Emerald Energy Institute Camano banner

Beware of Bitcoin, other virtual currencies, warns CBN

By News Express on 01/03/2018

Gmail icon

Views: 1,277

•CBN Acting Spokesman Isaac Okorafor
•CBN Acting Spokesman Isaac Okorafor

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria.

A press release issued by the bank on Wednesday 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.

The statement signed by the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, emphasised that dealers and investors in any kind of crypto currency in Nigeria were not protected by law, thus may be unable to seek legal redress in event of failure of the exchangers or collapse of the business.

The CBN therefore warned Nigerians against investing in cryptocurrency as doing so would be at their own risk.

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.

In the 2017 circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, the CBN had among other issues noted that virtual currencies were traded in exchange platforms that are unregulated, all over the world. It further noted that transactions in virtual transactions in virtual currencies were largely untraceable and anonymous thereby making them susceptible to abuse by criminals, in money laundering and financing of terrorism.

 

Source News Express

Posted 01/03/2018 02:22:26 AM

 

 

CLASSIFIED ADS

 

You may also like...
Gov. Sani-Bello charges APC’s new EXCO on consolidation,...

FG to employ all qualified, licensed teachers

Italian half-marathon organisers spark outrage after banning African...

Chibok saga: Michelle Obama goes emotional, says: ‘We...

BREAKING NEWS: Ex-President Shehu Shagari is dead

US economic shutdown to affect Nigeria, other developing...

Obiano’s educational reforms and Anambra’s chart-topping performances

When is the right time for Nigeria to...

Nigeria’s neighbours move against Islamic militants

Fidelity Bank wins Best Green Partner 2015 Award...

South-East pensioners to protest unpaid gratuities, pensions

Army court martial sentences soldiers to death, life...

 

Latest News Biafra: Kanu leads delegation to UN Buhari vs Atiku: Activist seeks visa ban on Presidential Election Petition Tribunal Justices Association to set up vigilance groups in Igboland •Launches intelligence/surveillance unit Makinde drags Ajimobi before EFCC, ICPC UNILAG releases cut off marks for admissions into various courses Anxiety over Alaafin of Oyo’s absence at Oranyan festival Delta rehabilitates Federal roads I’ve passed through turbulent times since becoming Governor — Abiodun Health Management Board Director dragged to ICPC over certificate scandal Police confirms 3 killed in Akwa Ibom cult clash Imo Recruitment, Appointments Committee submits report We must talk about Peter Obi now — Cleric

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,136 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (442,782 views) Shameless Genevieve Nnaji exposes breasts in public (389,042 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,508 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,469 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,542 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,588 views) 10 cars more expensive than Jets (238,195 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,347 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,331 views) Lagos plane crash: Journalist releases victims’ names (195,736 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,343 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,443) Business Verdict (80) Columnists (1,108) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (809) Global Business Monitor (441) ICT Monitor (63) International (3,949) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (410) News (51,334) Opinion (1,357) Pidgin (17) Politics (11,441) Religion (1,102) Sports (2,166) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera