Following it's ban on Cryptocurrency transactions in the country, the Central Bank of Nigeria (CBN) has justified the ban, saying it fuels illicit financial flow and terrorism.
Osita Nwanisobi, Acting Director, Corporate Communications of the CBN, in a statement said the ban on cryptocurrencies will not have any negative impact on Fintechs as there are other robust platforms they can thrive. He said in light of the fact that cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN. “The use of cryptocurrencies in Nigeria are a direct contravention of existing law. Cryptocurrencies are issued by unknown and unregulated entities," he said.
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