Nigeria: Cryptocurrency - CBN and National Security

8 February 2021
opinion

Abuja — The ban on digital currency is in order.

Nigeria's reserve bank, Central Bank of Nigeria (CBN), has at last taken a decisive position on the 11-year-old digital currency now a subject of dispute around the world. Cryptocurrency is a form of digital currency (money) which operates independent of third-party oversight or regulation. This insulates it from regulation by banks or governments. It has no value, it's not a legal tender by its nature, like the naira or dollar. It's dodgy and does not lend itself to regulation. Put simply, it renders traditional banks including central banks (regulators) useless. And it's difficult to tax.

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