Bit Coin is type of cryptocurrency
Again, Nigeria warns Citizens against Cryptocurrency
The Central Bank of Nigeria (CBN) has warned citizens to stay away from investment in virtual currencies, saying the exchange is not protected nor regulated anywhere in the world.
The CBN cautioned that cryptocurrency such as Bit Coin, Ripples, Monero, Litecoin, Doge Coin, One Coin and exchanges such as NairaEx.currencies are not legal tender in the country.
The CBN gave the caution in statement by Mr Isaac Okorafor, Acting Director of Corporate Communications Department posted on its website.
According to Okorafor, dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law.
He also said that customers might therefore, lose money without legal redress in the event that exchanges collapse or close business.
The News Agency of Nigeria (NAN) reports that cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography.
Cryptography is the art of writing and solving codes to secure its transactions, control the creation of additional units, and to verify the transfer of assets.
The CBN had in January 2017, issued a circular to banks and other financial institutions on virtual currency operations in the country.