In Nigeria, the central bank has once again reaffirmed the illegality of cryptomoney and ordered banks and financial institutions to close all accounts linked to these digital currencies. In detail, the latter are prohibited from « using, holding, exchanging and/or transacting with encrypted currencies ».
But more than that, beyond serving totally opaque transactions, these currencies are accused of being used particularly for speculation, which fuels their high volatility, hence significant risks for citizens’ savings.
In the fund, the CBN’s decision is not new since it dates from 2017; but it is a reminder given the growing interest in Bitcoin in particular, whose prices have soared in recent months. A year ago, on 8 February 2020, Bitcoin was trading at just under $10,000. On the morning of February 8, 2021, its price was around $39,000 after having passed the $40,000 mark a few weeks ago.
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