CBN Bans Bitcoin And Other Cryptocurrency Exchange, Nigerians React
-The Central Bank of Nigeria released a policy that shocked Nigerian youths on Friday
-The newly Issued policy will prevent the exchange of cryptocurrency such as Bitcoin and ETH among financial institutions in the country
-Nigerian have criticized the policy, seeing it as a means for the government to restrict youths financially
The Central Bank of Nigeria (CBN) has rolled out a new policy that will shut down the trading of cryptocurrency in the country.
The new policy will see banks and other financial institutions close any account that is used in crypto trading.
The CBN has made its stance on cryptocurrency known in the past.
Read the story of the man that stole 7 million Naira to open a phone store
The financial body is against crypto exchange even though it is a major unit of exchange in many parts of the world.
During the Protest against police brutality last year, the government shut down some accounts used to receive crypto donations for the protest.
The CBN is unable to monitor the inflow of cryptocurrency in the country because it is being run on decentralized monetary systems.
In 2020, Paxful reported that Nigeria has the World’s second-largest Bitcoin trading volume.
More than 60,215 bitcoin has been traded by Nigerians in the last five years.
Nigerians have taken to social media to make the government aware of their displeasure.
People will move into depression quickly with the inhumane & frustrating move made by CBN to Ban cypto. my uncle just bought 500k bitcoin last month & Eth worth of 60k yesterday & today CBN is restricting the trade of cryptocurrency
Sad, I was d one that introduced him to crypto
— MOHNICE ⚔️ (@Mohnice_) February 5, 2021
This Crypto ban will affect everyone one way or the other.
— ibe (@maziibe_) February 5, 2021
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