CBN Bans Cryptocurrency in Nigeria (Theories & Possible Reasons Why) ๐Ÿ‡ณ๐Ÿ‡ฌ





โ–ถ Coinbase Website: Coinbase.com
โ–ถ CEX Website: cex.io

Nigeria’s Central Bank banned the use of Cryptocurrency in the country on January 5th, 2021. In a letter the apex bank stated that Cryptocurrency operators were to shut down their operations immediately and that defaulters both on the service providers and service users side of cryptocurrency transactions in the country would face penalties.
This new move by the Central Bank is most likely to preserve the traditional financial ecosystem within the country and to keep money from flowing out of the system but it’s also a move that will greatly hamper business for many people who have now come to rely on cryptocurrency for efficiently paying for goods and services locally and across borders.

This cryptocurrency ban will also disrupt people’s livelihoods as many people are employed by cryptocurrency startups and financial institutions directly and indirectly. Investments will also be hit hard because lots of people invest in cryptocurrencies like Ethereum, Bitcoin, Litecoin, Ripple and others which have greatly helped many people the world over to grown their wealth for themselves quite significantly. The Federal government through the Central bank is taking all that away now and invariably making life even tougher for the average Nigerian in an already incredibly tough country.

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โ–ถ Coinbase Website: Coinbase.com
โ–ถ CEX Website: cex.io



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