CBN calls for bitcoin regulation

The Central Bank of Nigeria has called for the regulation of the bitcoin cryptocurrency in Nigeria.

BusinessDay reports that the banking body is did so in a bid to control money laundering and protect consumers.

The call was made at the Anti-Money Laundering/Combating the Financing of Terrorism stakeholders’ consultative workshop in Nigeria’s capital, Abuja.

According to Dr Okwu Nnanna, deputy governor of financial system stability at Nigeria Central Bank “Virtual currency was dangerous because it was not a legal tender of any country hence it has a borderless nature without jurisdiction which makes it a channel for money laundering,”

The central bank expressed fears over the currency’s volatility in light of increased use for payment transactions and investments.

The workshop was seen as an occasion that “will further assist in laying a solid foundation for the much needed regulatory climate on the operations of virtual currency in Nigeria.”