IMF backs CBN on cryptocurrency stance

The International Monetary Fund (IMF) has supported the Central bvank of Nigeria (CBN) on its stance on the use of cryptocurrencies.

According to IMF Representative in Nigeria, Ari Aisen, during a recent virtual briefing on the 2020 Article IV IMF Staff Report for Nigeria, central banks in most countries were greatly worried about the kind of activities cryptocurrencies were used to promote and how best such could be monitored.

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He also said some cryptocurrency transactions could be used for money laundering and drug trafficking. CBN had in a directive of February 5, 2020, asked banks to close all accounts dealing with cryptocurrency. The apex bank had issued a similar warning in 2017 in the heat of other digital currency operations and Ponzi schemes.