EFCC Tweets Out Warning Against Cryptocurrency

In a tweet from its verified twitter handle, the Economic And Financial Crimes Commission (EFCC) has warned members of the public against transacting in cryptocurrencies. See tweet below;


The EFCC did not specify which law will be broken by the usage of Cryptocurrencies and what the potential consequences of its usage are. Some Nigerians on twitter were quick to criticize the tweet chiding the EFCC on the need to embrace rather than reject it. Some also wondered what legislation we have that makes cryptocurrencies illegal. Here are some of the tweets.

The CBN also recently put out a statement on cryptocurrencies, warning Nigerians of its risks.

While it did not specifically ban their operations in the country (it actually can’t ban it), it however stated that banks and other financial institutions were not to transact in them. It also asked banks to practice the KYC principle when dealing in transactions involving cryptocurrencies.

The CBN has however set up a committee in conjunction with the Nigerian Deposit Insurance Corporation (NDIC) to look examine all aspects of cryptocurrency operations.

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