Cryptocurrency: IMF backs CBN

February 18, 2021
3 Views

https://onlinenigeria.com/wp-content/uploads/2021/02/cryptocurrency-imf-backs-cbn-1.jpg

The International Monetary Fund (IMF) has backed Nigeria’s decision to ban cryptocurrencies in the country.

The world body said that some crypto currencies are being used for money laundering and drug trafficking.

The IMF Resident Representative for Nigeria, Mr. Ari Aisen, revealed this during a virtual  briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria Feb. 17.

According to Aisen, many central banks around the world have taken similar policy decisions as the CBN.

“The issue with some of the crypto currencies is that perhaps some care should be taken about their activities. The use of crypto currencies is a concern.

“That is why some central banks, not only in Nigeria have these concerns about what kind of the activities these crypto currencies are put and how best to monitor those activities.

“Some of them may be illegal activities and may be related to money laundering, even drugs or other illegal things.  It is natural that the monetary authorities will be concerned about how best to supervise and increase their oversight regarding the use of crypto currencies.”

Nigerians have been agitated since the apex bank made the decision.

Some, including politicians,  allege it is a sign of backwardness

image

You may be interested

Many Soldiers Feared Killed As Bandits Storm Military Base In Katsina
News
2 views
News
2 views

Many Soldiers Feared Killed As Bandits Storm Military Base In Katsina

Webby - March 5, 2021

The attack was carried out around 1 pm on Thursday, according to eyewitnesses. The soldiers were said to be returning…

Bawa’s EFCC loses case against Saraki
News
1 views
News
1 views

Bawa’s EFCC loses case against Saraki

Webby - March 5, 2021

Weeks after confirmation as the substantive chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, the commission has…

Passengers Stranded As Lagos Danfo Drivers Protest Extortion By Thugs, Security Operatives
News
News

Passengers Stranded As Lagos Danfo Drivers Protest Extortion By Thugs, Security Operatives

Webby - March 5, 2021

File photo According to a report by SaharaReporters, drivers of Lagos yellow commercial buses, popularly known as danfo plying the…

Leave a Comment

Your email address will not be published.