Nigeria Central Bank bars banks from virtual currency transactions

The Central Bank of Nigeria, CBN, has issued a statement barring banks in the country from doing any transaction using Bitcoin or any other kind of virtual currency. A virtual currency or virtual money is 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.

The CBN statement signed by its director, financial policy and ‎regulation department, Kelvin Amugo, states that the move was necessitated after investigations revealed that such transactions aid money laundering and also serves as an avenue to aid the funding of terrorism.

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