Cryptocurrency Q&A
Why did the CBN ban cryptocurrencies in 2021?
Why did the CBN ban cryptocurrencies in 2021?
Bianca
Fri Jan 31 2025
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7
answers
764
In 2021, the Central Bank of Nigeria (CBN) banned cryptocurrencies due to concerns over their potential for fraud, money laundering, and terrorist financing. The CBN also worried about the impact of cryptocurrencies on the stability of the Nigerian economy and the effectiveness of its monetary policies.
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7 answers
GwanghwamunPride
Sun Feb 02 2025
In 2021, the Central Bank of Nigeria (CBN) imposed a ban on banks engaging in crypto-related transactions.
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QuasarGlider
Sun Feb 02 2025
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Giuseppe
Sun Feb 02 2025
By clicking on the “Following” tab, you'll uncover various options tailored to your preferences.
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Valentina
Sun Feb 02 2025
Among these options, locate and click on “See First.” This action ensures that Legit.ng News will be prioritized in your news feed.
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Raffaele
Sat Feb 01 2025
The decision was primarily driven by concerns regarding money laundering and the financing of terrorist activities.
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