IMF supports CBN’s decision on cryptocurrency

The decision of the Central Bank of Nigeria directing banks to desist from carrying out transactions with entities dealing in cryptocurrencies has been backed by the International Monetary Fund (IMF).

This was made known by the IMF Resident Representative for Nigeria, Mr Ari Aisen, during a special virtual press briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria.

Aisen said that the use of cryptocurrencies for illegal transactions such as money laundering and drugs was a global concern.

Mr Aisien added that many central banks in the world have taken similar policy decisions like CBN to combat money laundering.

In other news, WITHIN NIGERIA reported that the Central Bank of Nigeria has explained why it banned cryptocurrency.

CBN  boss disclosed that the digital currency is used for money laundering and terrorism.

In a statement on Sunday, February 7, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.


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