CBN Move Against Cryptocurrencies, Direct Banks To Close Account Of Bitcoin Traders Immediately

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IMF Backs CBN On Cryptocurrency Ban

The Central Bank of Nigeria (CBN) has directed commercial banks and all non-banking financial institutions to desist from dealing in cryptocurrencies and other related transactions.

The CBN’s directive was contained in a statement released on Friday mandating banks to close all the accounts of customers transacting and dealing in Bitcoin immediately.

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,” CBN said.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The apex bank also warned that it would punish offenders that violate the information.

“Please note that breaches of this directive will attract severe regulatory sanctions.

“This letter is with immediate effect,” it said.

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