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Central Bank of Nigeria bars banks from bitcoin, virtual currencies
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Central Bank of Nigeria bars banks from bitcoin, virtual currencies

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The Central Bank of Nigeria (CBN) has barred deposit money banks and all other financial institutions from the operation of any form of virtual currency.

The warning by the apex bank yesterday was contained in a circular by the CBN Director of Financial Policy and Regulation Department, Mr. Kevin Amugo, a copy of which was obtained by The Guardian.

Virtual currencies (VCs) such as bitcoin, ripples, magneto, litecoin, dogecoin, peercoin, one-line, and others have not been recognised as legal tender in Nigeria but which are already being traded in exchange platforms that are unregulated all over the world.

A virtual currency or virtual money has been defined in 2012 by the European Central Bank as “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.

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