IMF Supports CBN on Ban Placed on Cryptocurrency Transactions
CBN GOVERNOR
The International Monetary Fund (IMF) has warned against cryptocurrency transactions, explaining that regulating digital currency has been a big concern to central banks all over the world.
Speaking during a virtual media briefing on IMF’s Article IV on Nigeria released about a week ago, the Resident Representative for Nigeria, Mr. Ari Aisen, said some care should be taken about the activities of cryptocurrencies.
Responding to a question on the decision of the CBN which directed banks and other financial institutions to close accounts dealing in cryptocurrency, Aisen said, “the issue with some of these cryptocurrencies is that perhaps some care should be taken about their activities and the use of cryptocurrencies.
“Actually, central banks, not only in Nigeria have this concern about what kind of activities that cryptocurrencies might be supporting and how best to monitor those activities.
“Some of them are involved in illegal activities; some may be related to money laundering, even drugs and other initiatives and it is natural that the authorities would be extremely concerned about how best to supervise, improve and supervise the use of cryptocurrencies.”
“We know that the Central Bank of Nigeria is concerned about it and trying to decide the best policy around this for the benefit of the payment system and the sustainability of the financial system.”
It would be recalled that the CBN had also asked banks to expose any individual running cryptocurrency accounts, warning that failure could lead to severe sanctions.
FOLLOW US
About Post Author
