The Reason For CBN’s Ban on Cryptocurrency Exchange

The Reason For CBN’s Ban on Cryptocurrency Exchange

The Reason For CBN’s Ban on Cryptocurrency Exchange

-The CBN recently issued a ban on cryptocurrency exchange in the country

-It has been revealed that the ban was a way for the government to tackle illicit activities being carried out with the aid of the coin

-The Ban on Cryptocurrency has made it difficult for Nigerians to buy and exchange coins

Investigations by THISDAY have revealed that CBN’s ban on Cryptocurrency is as a result warning from the Federal Bureau of Investigation.

CBN’s Ban on Cryptocurrency
In other news: You can still trade cryptocurrency despite CBN’s ban. Read our article to know how

The Federal Government was allegedly tipped by the FBI that scammers in Nigeria were using the channel to bring illegally obtained money into the country.

Scammers have been targeting the Covid-19 Stimulus package which was provided to reduce the financial effect of the pandemic on Americans.

The illegally obtained stimulus checks were allegedly being brought into the country using Bitcoin and other virtual currencies.

The FG took the drastic step of banning the exchange of Cryptocurrency to reduce money laundering.

In addition, it has been revealed that kidnappers now use Bitcoin and other cryptocurrencies to receive ransoms and avoid being tracked.

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