CENTRAL BANK OF NIGERIA PLANS DIGITAL CURRENCY LAUNCH BY DECEMBER
The Central Bank of Nigeria (CBN) has revealed plans to launch a digital currency by December.
The planned launch is coming about six months after the CBN barred deposit money banks and all other financial institutions from any virtual currency transaction.
The Director, Information Technology, CBN, Ms. Rakiya Mohammed, said yesterday, during a virtual media briefing at the end of a Bankers Committee meeting that also held virtually that the digital currency would be accessible to all Nigerians.
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The CBN, in a circular by its Director of Financial Policy and Regulation Department, Mr. Kevin Amugo, said deposit money banks and other financial institutions were being barred because payments and exchanges using cryptocurrency were untraceable and anonymous, making them susceptible to abuse by criminals, especially in money laundering and terrorism cases.
But Mohammed added that just like everybody has access to cash, everyone would also have access to the central bank’s digital currency.
She said: “Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make and are not part of this arrangement.
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