Nigeria bans bitcoin and other digital currencies!
The global onslaught against digital currencies (cryptocurrency) seems to have spread to Nigeria as its financial regulator kicks against Bitcoin and other forms of cryptocurrency, warning that citizens stay away from it.
NDIC, which is the Nigeria Deposit Insurance Corporation has just placed an explicit warning to Nigerians to steer off the popular and the fast rising bitcoin trading and its relations as it is not yet authorized in the country by the Central Bank of Nigeria and isn’t backed up by any law in the Nigeria’s constitution.
The Insurance Corporation also made further revelations stating how digital currencies are unregulated electronic forms of monetary value that can literally act as our conventional currencies in making transactions and payments; A digital currency has no physical form and it is not issued or controlled by any central authority and is thus exempted from government support.
My take:
Did anyone notice the NDIC didn't really ban cryptocurrency nor shut the door on it. It only said it is not covered by any law in Nigeria. That leaves the possibility that tomorrow, there could be a law that specifically covers cryptocurrency. The window isn't close afterall?