Cryptocurrency Q&A
Why did Nigeria ban cryptocurrency transactions in 2017?
Why did Nigeria ban cryptocurrency transactions in 2017?
amelia_harrison_architect
Sat Nov 23 2024
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7 answers
1612
In 2017, Nigeria banned cryptocurrency transactions due to concerns about illegal activities and the potential negative impact on the country's financial system. The government worried that cryptocurrencies could be used for money laundering, fraud, and other illicit activities, and also believed that the volatility of these digital assets could pose risks to investors and the overall economy.
7 answers
Sofia
Mon Nov 25 2024
Nigeria's central bank took a bold step in 2017 to regulate the cryptocurrency market.
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PhoenixRising
Mon Nov 25 2024
The bank prohibited banks from facilitating transactions related to cryptocurrencies.
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KimchiQueen
Mon Nov 25 2024
Despite the ban, enforcement remained relatively lax, allowing the market to continue operating.
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Skywalker
Mon Nov 25 2024
This year, the central bank has shown a renewed commitment to its stance on cryptocurrency.
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JejuJoyfulHeartSoulMate
Sun Nov 24 2024
The institution has doubled down on its efforts to enforce the ban.
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