Central Bank of Nigeria said its directive on Cryptocurrencies has to with illegal activities and risk involved. The bank reacted to its recent directive on depositors and money banks to desist from transacting with entities dealing with Cryptocurrencies.
CBN explained that the regulatory directive became necessary to protect the financial system and generality of Nigerians including the huge population from risk inherent in Crypto asset transactions.
The apex bank warned that due to the fact that Cryptocurrencies are largely speculative, anonymous and untraceable, they are increasingly being used for money laundering, financing terrorism and other criminal activities.
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