September 29, 2018

BREAKING NEWS: ECONOMIC FORUM SERIES on Fintech: Why trading in cryptocurrency is not legalised in Nigeria — CBN

says Nigerian banks are in forefront of tech adoption By Peter Egwuatu, Nkiruka Nnorom, Princewill Ekwujuru, Providence Emmanuel Elizabeth Adegbesan, & Juliet Umeh The Central Bank of Nigeria, CBN, yesterday said that trading of cryptocurrency is not recognised business in the Nigeria because all over the world, financial sector regulators have rejected its inclusion in the formal financial services industry. The apex bank, therefore warned Nigerians against trading in cryptocurrency including its down-line variants such as bitcoin, which they said carry huge risks that cannot be insured or regulated. Speaking at the Vanguard Economic Forum Series on Financial Technology (FinTech) in Lagos, the Governor of CBN, Godwin Emefiele, however, said that Nigerian banks are at the forefront when it comes to embracing Information Communication Technology (ICT) and digital services. Emefiele, represented by the Director Banking and Payment System Department of the CBN, Dipo Fatokun said: “We have not seen any country where cryptocurrency is regulated.” While answering question on where does the CBN stand as it relates to adopting block-chain technology and cryptocurrency in Nigeria, Emefiele, stated: “Block-chain, yes, is a distributed ledger technology, we are at home with it and we know it could be used for many good things especially in the financial services industry. We are not at home with cryptocurrency, and why? Because as you know, there is no issuing authority and so...