The Central Bank of Nigeria, CBN, has issued a statement barring banks
in the country from doing any transaction using Bitcoin or any other
kind of virtual currency. A virtual currency or virtual money is a
type of unregulated, digital money, which is issued and usually
controlled by its developers, and used and accepted among the members of
a specific virtual community.
The CBN statement signed by its director, financial policy and
regulation department, Kelvin Amugo, states that the move was
necessitated after investigations revealed that such transactions aid
money laundering and also serves as an avenue to aid the funding of
terrorism.
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