Nigerian Central Bank Warned Bitcoin Users

Nigerian Central Bank Warned Bitcoin Users

The CIBN or Chartered Institute of Bankers in Nigeria tackled about blockchain technology and Bitcoin and impact of cryptocurrencies together with the countries elites and business people early this week on their breakfast meeting.

The CBN Deputy Director or Central Bank of Nigeria particularly Banking and Payment System Deputy Director Itopa-Jimoh, Musa said something on the meeting. Later on during the interview, he clearly says that many citizens might have misinterpret the cetral banks point of warning on their stance on BTC.

Closed-Door Meeting For Bitcoin

The title of the meeting is ‘Virtual/Cryptocurrency: Evolution, Regulatory Challenges and Impact on the Future of Payments and Settlement Systems’ where speaking on opening remarks is Uche Olowo, a doctor and first VP of CBN about how it will be crucial to financial market of Nigeria to start in Bitcoin.

Both caution and curiosity have been part of his remarks on Bitcoin from the standpoint of global financial community stated that different parties in their country admire about the flexibility of Bitcoin and it is the most VIP currency in the world these days.

On different approach, he also added that the risk is there to always be the shadow because it is unstable and way more complicated other than common currency as well as the inherent value. Aside from that he also added that Bitcoin could be the enjoyable behalf of any traditional method of payment that can be set globally.

While the meeting discusses throughout on Bitcoin’s impact, he also said :

Nigerian Central Bank Warned Bitcoin Users

Cryptocurrency First Hand Warnings

Nigeria already issued statements about warning people on using cryptocurrencies and that includes Bitcoin. Last January 12 there’s a circular motion from CBN that requires Nigeria from take certain actions that are part with cryptocurrencies. CBN remind everyone that such in the list of cryptocurrencies aren’t legal that any bank uses them could face charges in the future and doing such transactions can be too risky on their business.

On that very same day, the SEC of Nigeria enumerated Bitcoin, Swisscoin and Onecoin for the people and citizen to be more cautious. Segregating them on the same position, Nigerian people can avoid the risk and fraud on those cryptocurrencies. According to them, extreme caution is a must so that there will be no faulty and scammed transactions or whatsoever.

According To CBM - Bitcoin Is Unstoppable

While giving such warnings about Bitcoin, Mr Musa iterated that the won’t be able to stop BTC if they pursue it on the next level. He admitted that they aren’t the root part of Bitcoin, making them not in control of the technology.

In that situation he is just discouraging everyone to use and avoid risky dealings on cryptocurrencies that citizens are dealing with. He also noted that :

Nigerian Central Bank Warned Bitcoin Users

Written by on March 8, 2017.