L
LequteMan
Guest
The Central Bank of Nigeria, CBN, recently issued a circular to banks and financial institutions, warning them of transacting businesses that involves virtual currency like bitcoin.
CBN's circular was a sort of mixed message- while it instructed bank and other financial institutions not to hold/use/transact/trade in virtual currencies, it said those that indulge themselves do so at their own risk.
Read more: CBN Issues Fresh Warning To Nigerians on MMM, Bitcoin, Others
However, the message can cause several upsets in the Nigerian bitcoin market.
CBN's circular was a sort of mixed message- while it instructed bank and other financial institutions not to hold/use/transact/trade in virtual currencies, it said those that indulge themselves do so at their own risk.
Read more: CBN Issues Fresh Warning To Nigerians on MMM, Bitcoin, Others
However, the message can cause several upsets in the Nigerian bitcoin market.
- Some banks would obey CBN's directive and suspend the accounts of known bitcoin traders.
- Difficulty in victual currency trading could increase
- CBN will impose charges/levies on Virtual Currency Operators
- Due to the warning, bitcoin operations could be on the rise, as people panic to make quick trades. There could also be a rise as financial operators test CBN's might and flout the directive
