IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” CBN Acting in the Interests of Financial Sector Stability According to a report, Aisen, who says that other central banks have taken similar action, believes that “some care should be....
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Cryptocurrency users in Nigeria are reacting to the public notice by the Securities and Exchange Commission of Nigeria (SEC), opposing the approach, tone and content of its warning to the public on cryptocurrency investment. What was the announcement about? The Securities and Exchange Commission of Nigeria, SEC issued a public notice on its website, warning citizens to apply caution in their approach towards investing in cryptocurrencies.The commission made reference to radio advertisements and other modes of solicitations to the public to invest in cryptocurrencies such as Swisscoin,....
Local advertisements for OneCoin and other digital currency investments have drawn the ire of Nigeria’s top securities regulatory. In a statement published yesterday by the Nigerian Securities and Exchange Commission (SEC), the regulator warned that potential investors should "exercise extreme caution" in light of radio advertisements and other sales pitches made for OneCoin, bitcoin and types of digital currencies. The agency said in a statement: "The Commission wishes to alert the public that none of the persons, companies or entities promoting cryptocurrencies has been....
RBI Governor, Shaktikanta Das has stated that private currencies such as cryptocurrencies are a threat to the country’s financial stability. The criticism against cryptocurrencies in a way is to caution and deter investors from trading as this asset class poses certain kinds of risks. Das, also mentioned in his censure that cryptocurrencies do not have […]
This past week the Securities and Exchange Commission (SEC) of Nigeria has warned its residents about virtual currency investments. The agency’s warning has bundled bitcoin investment with two Multi-Level-Marketing (MLM) operations well known for deceptive activities. The Securities and Exchange Commission of Nigeria Conflates Bitcoin Investment with MLM....
The Securities and Exchange Commission in Nigeria has issued a public notice in which caution is advised with regards to ‘cryptocurrency’ investments. WARNING: Cryptocurrencies Ahead. The Securities and Exchange Commission in Nigeria has issued a warning regarding investing in Bitcoin, Swisscoin, and Onecoin. The public notice seeks to alert the public regarding the risk posed by cryptocurrencies following solicitations of the public to invest. The notice reads: The attention of the Securities and Exchange Commission […] has been drawn to radio advertisements and other modes of....