Cryptocurrency CBN ban in Nigeria

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Even though many of im pipo dey trade in Cryptocurrency, African countries never show di kain support wey many expect, although some don dey take small-small step to accept am.

Bitcoin, Dogecoin, Ethereum – dis na some of di popular cryptocurrency wey Africans don dey trade in and di fact say many kontries never recognize am as legal money no stop di growth. One report by sabi company Baker Mckenzie say Nigeria na number three in di world for countries wey dey trade in Bitcoins (wey be di most popular type of cryptocurrency). And Paxful, wey be crypto exchange platform say for 2020, Nigeria na im do crypto trading pass for Africa wit volume of 60,215 Bitcoins wey worth $566,668,692.

Some don argue say if African kontries regulate crypto, e go make am dey even more popular, and make di economy ginger. But odas reason am to be like gambling. Make we torchlight wetin some African kontris don tok (or no tok) about di use of cryptocurrency.

Ghana

Di Bank of Ghana no recognize cryptocurrency as legal form of currency, although dem don arrange Bill to regulate cryptocurrency.

Nigeria

Nigeria Security and Exchange Commission (SEC) for statement wey dem release for dia official website in 2018 say dem go regulate digital assets like cryptocurrency because ‘digital asset offerings’ like crypto-token or crypto-coin dey provide anoda wey wey pipo go fit invest or keep dia money as asset.

Dis ground breaking statement surprise many as e be say di Central Bank of Nigeria don draw ear before give kontri pipo say dealers and investors in any kind of crypto currency in Nigeria no dey protected by law, according to one CBN circular on 28 February, 2018. For February 2021, di CBN give order say make financial instructions close down accounts of any customer wey dey involved wit cryptocurrency.

Kenya

Kenya goverment no recognise cryptocurrency because of di way e dey difficult to regulate am although dem don form task force wey go torchlight whether dem fit adopt am.

South Africa

As one of di most advanced economies for Africa, dem don dey look into how dem fit allow cryptocurrency. In fact, di national treasury don propose say make dem change di law to recognise am. And di Crypto Assets Regulatory Working Group na im dey responsible to torchlight any law wey fit epp dem legalise crypto. But di South Africa Reserve Bank never comot any law to give am legal backing.

Mauritius

Di kontri no be stranger to di different financial trading service wey di world dey move to. Di island country get many forex trading companies wey dey registered dia and for crypto dem don arrange one framework to allow am.

Source: bbc.com