Nigeria’s Central Bank begins a tough fight against cryptocurrencies

Nigeria’s Central Bank begins a tough fight against cryptocurrencies
From today, financial institutions of any kind in Nigeria must close all accounts that trade in cryptocurrencies.

The Central Bank of Nigeria  published today on its website a letter to all deposit money banks, non-bank financial institutions and other financial institutions where it recalls the ban on trading in cryptocurrencies.

In this letter the CBN emphasizes that all institutions must identify persons or entities trading in cryptocurrency and ensure that these accounts are closed immediately. Failure to do so may face severe regulatory sanctions.

This step is a particularly serious step against crypto traders. Recall only the recent statistics, which show that Nigeria was in sixth place among all countries in terms of BTC volume in the peer to peer Bitcoin marketplace LocalBitcoins with a volume of $ 989B.

Read also: Institutions are quietly increasing their investment in Bitcoin

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