Was Bitcoin Banned In Nigeria?

Was Bitcoin Banned In Nigeria?

Was Bitcoin Banned In Nigeria?

This question has troubled the minds of many Nigerians , some are not sure whether  to or not to invest in Bitcoins, and other cryptocurrencies, well here is the  Journey so far.As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.

However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a lot of people misinterpret the central bank’s recent warning. It noted that “Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it”.

Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving Bitcoin and other digital currencies – blockchain. The committee has submitted its report but “several sub-committees are still working on the issue” according to the Director, Banking & Payments System Department at CBN, Mr. ‘Dipo Fatokun.see more here

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