China Joins CBN, Bans Cryptocurrency Transactions

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By Obinna Chima

Three months after the Central Bank of Nigeria (CBN) banned banks and other key players in the financial sector from cryptocurrency transactions, China has followed suit as it restricted institutions and payment companies from providing services related to cryptocurrency transactions.

It also warned investors against speculative crypto trading.

The CBN, in February, had directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.

The regulator had also directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions.

A Reuters report yesterday said the ban by China was its latest attempt to clamp down on what was a burgeoning digital trading market.

Under the ban, such institutions, including banks and online payments channels,…



Source: Thisday Newspaper