IMF Backs CBN On Cryptocurrency Ban

The International Monetary Fund (IMF) has expressed support for the directive    of the Central Bank of Nigeria (CBN) that banks should close all accounts related to cryptocurrency transactions.

However, the IMF cautioned the Federal Government (FG) against increasing the tax rate in a bid to generate more revenue, saying, this is not the right time for such a move.

IMF Resident Representative for Nigeria, Mr Ari Aisen, stated this yesterday while speaking at a special virtual press briefing on   the recently published   2020 Article IV IMF Staff Report for Nigeria.    Commenting on the CBN directive on crypto currencies,   he said that there is global concern for some of the uses of crypto currencies which include    illegal transactions such as money laundering and drug trafficking.

According to him, many central banks in the world have taken similar policy decisions similar to the one taken   by the CBN.

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