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Nigeria’s Bitcoin Crackdown Sets Off Global Crypto Debates
The recent directive by the Central Bank of Nigeria to shut down crypto trading in the country has driven conversations by governments around the world on how to regulate Bitcoin and other cryptocurrencies without stifling innovation. Nigeria’s directive which was met with backlash had prohibited banks and financial institutions from facilitating payments for cryptocurrency exchanges…
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Here Are Eight Countries That Have Banned Crypto Exchange
As bitcoin recently hit a $1 trillion market cap at $54,000 per coin, many crypto traders might be unable share in the wins as few countries have ordered the ban of crypto exchange in local banks and currencies. TwentyTen Daily brings you eight countries where cryptocurrency trading has been banned. ChinaThe People’s Bank of China,…
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Bitcoin Made the Naira Useless – Senator Sani Musa
Following CBN’s ban of crypto trading in Nigeria, Nigerian senators have reacted with a majority arguing against the ban. However, Senator Sani Musa of the Niger East Senatorial District argued for the ban insisting that Bitcoin was responsible for the naira’s decline rather than mounting foreign debt, decades of poor economic policies, and corruption. According…
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CBN Bans Crypto Trading In Nigeria
The Central Bank of Nigeria, CBN, has instructed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions to stop transactions in crypto or facilitate payments for crypto exchanges. The directive was given in a letter addressed to all DMBs, OFIs and NBFIs dated February 5, 2020. The circular…