CBN Warns That Bitcoins And Other Cryptocurrencies Are Not Legal In Nigeria

Honestly i do not understand why the Central Bank Of Nigeria is halting the free flow of virtual currencies in the country.
This is the future of money and if Nigeria is left far behind adopting to the future, we might end up not recovering when other nations are enjoying the new change - Blockchain.

Rumors and papers had it that the CBN was ready to adopt the usage of virtual currencies like Swisscoin and Bitcoins, now we all are getting an entirely different news altogether. One good think about the Blockchain & virtual currencies is that you're the manager of your funds (money). The platform has being created, which is the Blockchain, all you need is to do your transacts; selling and buying. The Banks and the Governments cannot wholly control the Cryptocurrency network. The state of the virtual currency is determined by demand and supply.


The Security and Exchange Commission (SEC) had warn Nigerians to desist from the use of virtual money (BTC, TBC, RPC, SWC...etc). After their forewarn, CBN then instructed Operating Banks to cease operations concerning VM (virtual money) transacts.

I just hope things go well because i'm a stringent supporter and investor in Cryptocurrencies, and i strongly believe that it is the future of money.

See also >>> How To Make Money From Swisscoin