Nigeria Warns Banks of Bitcoin, Ripple, Monero, LiteCoin, DogeCoin & Onecoin
The Central Bank of Nigeria has issued a notice to financial institutions in the country, including banks, warning them of virtual currency transactions while effectively barring them from holding any reserves of virtual currencies. Contrary to some chatter making rounds that Nigeria has banned bitcoin, the Central Bank of Nigeria (CBN) has issued a circular among banks to urge vigilance with virtual currency transactions. Penned by Kevin Amugo, the bank’s Director of Financial Policy and Regulation, the regulatory authority sees risks inherent with virtual currency transactions, such as....
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African authorities need to differentiate between Onecoin and Bitcoin, as well as other cryptocurrencies, rather than always place them together when sending out notes of caution, some Bitcoin enthusiasts in Africa have said. Their comments come in the wake of a recent Bank of Uganda media campaign warning against investing in Onecoin. Similar to the one issued recently by the Central Bank of Nigeria, Uganda’s top bank says the Onecoin entity is not licensed under the Financial Institutions Act 2004 hence operating outside any regulatory purview. It also adds that whoever is investing in....
Nigeria has recently tightened control over bitcoin’s use. However, Bitcoin interest in the country remains strong despite the government’s efforts there. Government’s Crackdown Efforts. Last week, the Central Bank of Nigeria (CBN) issued a circular to banks and other financial institutions requiring them to take certain actions relating to digital....
Nigeria’s central bank has a message for domestic financial firms and institutions: don’t touch virtual currencies. The Central Bank of Nigeria’s Financial Policy and Regulation Department has released a new circular advising banks not to "use, hold and/or transact in any way" with the technology. The document cites bitcoin, onecoin, monero and dogecoin as examples, noting that banks that opt to handle digital currencies “do so at [their] own risk”. Notably, the circular also calls for banks to keep tabs on any customers they may have that operate digital currency exchanges.....
Recently, the Bank of Uganda has warned citizens against investing in cryptocurrencies, putting Onecoin and Bitcoin in the same trash buсket. What is behind the positions of governments of developing countries like Uganda and Nigeria? Before Uganda, such warnings have come out of some other developing countries like Nigeria. So today in Nigeria a lot of individuals now take extra care when making transactions in local banks for Bitcoin-related products or services. Users most often clearly advise depositors not to include such in the description of the purpose of a transaction, so as to....
Belgium has issued a formal warning against OneCoin, the suspected ponzi scheme, which has already received criticism from throughout the cryptocurrency community. OneCoin Claims ‘False,’ Says Belgium Watchdog. In a release Friday, the country’s Financial Services and Markets Authority (FSMA) stated that neither OneCoin nor its promoters “have been....