Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action
Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons.
The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies.
It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability.
“Due to the fact that cryptocurrenci...