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CBN Is Maintaining Its Stand On Banning Cryptocurrency Says It Is Used For Financing Terrorism , Money Laundering – CBN Governor, Godwin Emefiele Tells Senate

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– CBN Governor, Godwin Emefiele Tells Senate

The Central Bank of Nigeria is maintaining its stand on the ban on Cryptocurrency.

The governor of the apex bank, Godwin Emefiele, who appeared before the Senate Joint Committee on Banking, Insurance, and other financial institutions on Tuesday, February 23, said that money laundering, terrorism financing, and other criminal activities were being carried out using the digital currency.

Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and unlicensed entities made it contrary to the mandate of the Bank, as enshrined in the CBN Act (2007) declaring the Bank as the issuer of legal tender in Nigeria.

Emefiele, who also differentiated between digital currencies, which Central Banks can issue and cryptocurrencies issued by unknown and unregulated entities, stressed that the anonymity, obscurity and concealment of cryptocurrencies made it suitable for those who indulge in illegal activities such as money laundering, terrorism financing, purchase of small arms and light weapons and tax evasion.

Citing instances of investigated criminal activities that had been linked to cryptocurrencies, the CBN governor declared that “Cryptocurrency is not legitimate money” because it is not created or backed by any Central Bank.

“Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system” he stressed

The ban on cryptocurrency transactions was also backed by the Securities and Exchange Commission SEC, the Nigeria Financial Intelligence Unit NFIU as well as the Independent Corrupt Practices Commission ICPC.

READ ALSO:  CBN Announces Plan To Do Give Away On Social Media

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Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

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Things to know about Late chad’s president Idriss Deby Itno

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After thirty years in power Chad’s president had died. He died on the battlefield after postponing his victory speech as a newly elected president to meet with his soldiers at the battlefield.

Below are things you should know about him.

• He was born on june 18, 1952

•He was a herder’s son from Zaghwa ethnic group

• He was trained as a pilot in France

•After returning to the country he waa made army chief by former president Hissene Habre

• He fled the country to Sudan after he fell out with his boss who accused him of plotting a coup

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READ ALSO:  CBN Makes New Order Regarding Hoarding Of Forex
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Sanwo-Olu honours cop assaulted by traffic violator

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Lagos state Governor Babajide Sanwo-Olu on Monday honored a policemen Asp Sunday Erhabor attached to the Rapid response squad of the state police command.

The cop was assaulted by one victor Ebhomenyen who drove against traffic in Oniru in the Victoria Island area of the State.

 

Sunday was presented with a stats plague as a mark of honor and prestige to appreciate his commitment to promoting core values of modern policing and protection of fundamental human rights.

 

Sunday had been attacked by the Suspect and his friend who is now at large after he confronted the for driving against traffic at Four point Hotel, Oniru Victoria Island

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READ ALSO:  The Director General Of World Trade Orgnizaton Ngozi Okonjo-Iweala Pays First Official Visit To Nigeria
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See what144 Nigerian policemen were sent to Somalia to do

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A total of 144 police officers from Nigeria have arrived in Somalia to boost Stabilization efforts in the country according to the African union mission.

AMISON police operations coordinator  Daniel Ali Gwambal said they are there to to support the Somalis and at the same time to mentor the Somali police force.

They are to perform specific duties like regular patrols at check point, guard static duties and other duties that involve general policing he added

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READ ALSO:  NAFDAC Commence A 7 Days Warning Strike
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