Home Viral News Crypto CBN: Nigerians Reacts As CBN Bans Cryptocurrency Transactions (Details)

Crypto CBN: Nigerians Reacts As CBN Bans Cryptocurrency Transactions (Details)

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CBN Bans Cryptocurrency Transactions In Nigeria

CBN Bans Cryptocurrency Transactions In Nigeria. Nigerians have reacted following the ban of cryptocurrency exchange bank accounts across the country.

This came after The Central of Bank of Nigeria’s (CBN) reportedly sent out a directive to shut down cryptocurrency exchange bank accounts.

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This means access to crypto transactions linking to banks account, buying crypto with debit cards and withdrawing crypto to bank accounts has been banned.

According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank account of people trading in cryptocurrency.

CBN Bans Cryptocurrency Transactions In Nigeria

The letter read; “February 5, 2021. LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies 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 crypto currency exchanges within tier systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Social media users have since reacted negatively to the directive as many stated that the apex back is taking the country back to the stone age.

See some reactions from Nigerians below and drop your comment:

https://twitter.com/Iammeekflawlez/status/1357686266511429632?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1357686266511429632%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Flailasnews.com%2Fcrypto-cbn-nigerians-reacts-as-cbn-bans-cryptocurrency-exchange%2F

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