The central bank of Nigeria (CBN) recently prohibited commercial banks from using digital currencies in a circular sent by Kevin Amugo, Director of the financial policy and regulation department of the central bank. The CBN also warned banks against dealing with non-bank entities acting as virtual The money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More exchangers and encourage them to monitor such transactions very attentively. In addition, banks must ensure that such companies perform extensive anti-money laundering and Automatic device for the counting of banknotes or coins. More the finance of terrorism (AML/CFT) checks.
The CBN pointed out that cryptocurrencies are extremely difficult to track and almost anonymous, and are thus susceptible to be used by criminals for The operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. More activities, tax evasion or to finance terrorist networks. Moreover, the central bank reminded digital currency owners that they expose themselves to the risk of losing From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More if the exchanges collapse as virtual currencies including Bitcoin is commonly said to be a cryptocurrency, a digital means of exchange developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries i... More, Ripples, Monero, Litecoin, Dogecion and Onecoin are not considered Money that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More in the country.
The Nigerian Securities and The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More Commission (SEC) had already warned off digital currencies earlier this month.
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