Cryptocurrency Is Used For Money Laundering And Terrorism - CBN Give Reasons For Ban

Date: 08-02-2021 11:53 am (3 years ago) | Author: Bayo Nelson
- at 8-02-2021 11:53 AM (3 years ago)
(m)

The Central Bank of Nigeria has explained why it banned cryptocurrency-related transactions in the country, claiming the digital currency is used for money laundering and terrorism.
The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial institutions to block cryptocurrency accounts. The decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.

The statement by Osita Nwanisobi, Acting Director, Corporate Communications, said the ban on such transactions will not have any negative impact on fintechs, Daily Trust reported Sunday.

“The use of cryptocurrencies in Nigeria are a direct contravention of existing law,” the statement said, according to Daily Trust. “It is also important to highlight that there is a critical difference between a Central Bank issued Digital Currency and cryptocurrencies. As the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities,” Mr Nwanisobi said.

“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal,” he added.

“It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.

“Many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities.

“The role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.

Posted: at 8-02-2021 11:53 AM (3 years ago) | Addicted Hero
- module at 8-02-2021 12:31 PM (3 years ago)
(m)
Liars,
Posted: at 8-02-2021 12:31 PM (3 years ago) | Upcoming
Reply
- gogoman at 8-02-2021 03:05 PM (3 years ago)
(m)
LIES
Posted: at 8-02-2021 03:05 PM (3 years ago) | Grande Master
Reply
- KatherineMackenzie at 27-04-2021 05:48 PM (3 years ago)
(f)
This is totally a lie
Posted: at 27-04-2021 05:48 PM (3 years ago) | Newbie
Reply
- samybrowne at 28-04-2021 09:29 PM (3 years ago)
(m)
they just want to banned crypto
Posted: at 28-04-2021 09:29 PM (3 years ago) | Upcoming
Reply
- KatherineMackenzie at 1-05-2021 09:51 AM (3 years ago)
(f)
This is the main disadvantage of cryptocurrencies. We all need to agree that it gives a lot of advantages to people that use it, but we all know that it is anonymous and no one can track the transaction made using cryptocurrencies. This is why a lot of criminals use it, and they know that they can do all of their dirty transactions. In my opinion, China made a good decision to start making its own national cryptocurrency. I know that the transaction with it is tracked and also in the near future it will become the main paying method in the country.
__________________
https://yuanpaygroup.com
Posted: at 1-05-2021 09:51 AM (3 years ago) | Newbie
Reply
- marcto22 at 22-10-2021 08:16 PM (2 years ago)
(m)
Yes, indeed, bitcoin is now reaching a peak and it is not too late to buy it, because its price will grow more and more. I purchase bitcoin on this buy cryptocurrency, the price is quite attractive and relevant all the time. So I agree with you, Bitcoin is the future!
Posted: at 22-10-2021 08:16 PM (2 years ago) | Upcoming
Reply
- Makicheme at 17-12-2021 07:58 AM (2 years ago)
(m)
Yes Its dark side to use illegal activities
Posted: at 17-12-2021 07:58 AM (2 years ago) | Newbie
Reply
- marcto22 at 20-12-2021 05:32 PM (2 years ago)
(m)
If you, like me, believe in symbolism, I advise you to ask for one interesting topic about animal alchemy symbols. Here it is https://www.sunsigns.org/animal-alchemy-symbols-meanings/  Knowledge of alchemy and the nature of animals will help to reveal our inner strength and find values in our lives. But in my situation, my totem animal not only revealed my inner strength, but also brought me money. After I found out that my totem animal is a monkey, I decided to create 5 NTF cards, which were bought a day later at a price of $ 200 per one. Thus, Alchemy not only helped me morally, but also financially.
Posted: at 20-12-2021 05:32 PM (2 years ago) | Upcoming
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