The Central Bank of Nigeria (CBN) on Friday has joined other countries to place a barn on cryptocurrency in the country as it has directed banks in the country to shut down all cryptocurrency accounts.
The CBN in its directive, told Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Bank Financial Institutions (NBFIs) local financial institutions to stop any transactions in crypto or facilitating payments for crypto exchanges.
The apex bank in the circular signed by Director of Banking Supervision, Bello Hassan, and Director, Payments System Management Department, Musa I Jimoh warned that disobedience to the directive will attract sanctions.
However, the Nigeria Government would not be the first to ban transaction in crypto as seven other governments have taken the same decision.
See list of the countries that have already placed a barn on crypto below:
China’s central financial regulatory authority, placed a ban on all domestic and foreign cryptocurrency exchanges in the country in 2017.
The Bangladesh bank in 2017 issued a ban on cryptocurrency.
The central bank of Bolivia in 2014 banned bitcoin and every other currency not regulated by states, countries, and economic area.
Morocco’s foreign exchange office and central bank prohibits the use of cryptocurrency for transaction in the country.
Bitcoin and other digital currencies are currently banned by the Ecuadorian government. The central bank of Ecuador also prohibits the buying and selling of cryptocurrencies through the internet.
In 2017, Bitcoin and other cryptocurrencies became considered as illegal forms of financial tender in Nepal
Central bank of Iran in 2018, announced that it was prohibiting all financial institutions, including banks and credit institutions from dealing in cryptocurrency.