CBN’s concern with cryptocurrency in order — IMF

The International Monetary Fund (IMF) resident representative in Nigeria, Ari Aisen, has said the use of cryptocurrencies is a major concern to central banks in most countries not only in Nigeria alone.

The IMF official made this remark on Wednesday during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria.

He said central banks in most countries are greatly worried about the kind of activities cryptocurrencies are used to promote and how best such can be monitored.

Mr Aisen also stated that some cryptocurrency transactions could be used for money laundering and drug trafficking.

This aligns with the Central Bank of Nigeria’s reasons for ordering the closure of all cryptocurrency related-accounts in the country.

The apex bank had on February 5 ordered Nigerian banks to close all cryptocurrency-related accounts.

It also barred financial institutions from facilitating cryptocurrency payments in the country.

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