THELOGICALINDIAN - The Nigerian Deposit Insurance Corporation NDIC has warned Nigerians that they will not be afforded customer protections back trading basic currencies NDIC assembly additionally reaffirmed that the Nigerias budgetary regulators are clumsy to apply access over the cryptocurrency markets
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The Nigerian Deposit Insurance Corporation Warns Against Cryptocurrencies
Mohammed Umar, the administrator of research, action and all-embracing relations at the NDIC, has categorical the risks it perceives are associated with trading cryptocurrencies, in accession to emphasizing that regulators do not accommodate allowance accoutrement the risks associated with trading basic currencies not issued by the Central Bank of Nigeria (CBN).
Speaking at an anniversary branch for accounts correspondents on “financial disruption of agenda bill and it’s after-effects on the cyberbanking and drop allowance system,” Mr. Umar addled a close tone, stating “The banking authoritative authorities are not arena bolt up on the agenda bill chase in Nigeria. There is no country in the apple that allows its citizens to use agenda currencies as money not issued by the axial bank. No axial coffer will acquire agenda bill as a acting for its civic bill or allotment of its budgetary system, back it is not able to ascendancy it. Nigerians charge accept that able apprehension has been issued by all banking area authoritative authorities, namely Axial Coffer of Nigeria, CBN and Nigerian Drop Allowance Corporation, NDIC, to acquaint Nigerians who appetite to barter in bitcoins as gamblers.”
Mr. Umar additionally declared that an inter-agency board including assembly from the NDIC, Ministry of Justice, Nigeria Police, Department Accompaniment Security, Economic and Financial Crimes Commission, and added accompaniment institutions, has been accustomed to adviser and ”sanitize the system.” Mr. Umar assured by advertence “If you can buy a bitcoin, cipher will stop you. It is at your own risk. A bitcoin is not covered by the CBN rules, and NDIC will not assure it. We accept consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.”
“Digital bill is for gamblers” – NDIC Chief, Dr. Sabo Katata
Speaking at the workshop, the Deputy Director of Research, Policy and International Relations (RPIR) of the NDIC, Dr. Sabo Katata, likened cryptocurrency trading to gambling. Dr. Katata declared “Digital bill is for gamblers. If you appetite to advance in bitcoins you can go ahead, for that is what you are. If you appetite to buy bitcoins you can, but your are accomplishing so at your own risk. The regulators will not appear and assure you.”
Dr. Katata presented a cardboard advantaged “Financial Disruption of Digital Bill and it’s Consequences on the Banking System and Deposit Insurance System” during the event, emphasizing abounding of the risks associated with the basic bill markets. His colleague, the Director of the RPIR, Mr. Mohammed Umar Yayangida, additionally batten at the event, affirmation the abridgement of ability that the NDIC and the Central Bank of Nigeria accept with commendations to appliance ascendancy over cryptocurrencies.
Mr’s Yayangida’s animadversion answer those fabricated beforehand this year by the Deputy Director of the Central Coffer of Nigeria’s Banking and Payments System, Mr. Musa Itopa-Jimoh. Speaking at a breakfast affair organized by the Chartered Institute of Bankers in Nigeria, Mr. Musa Itopa-Jimoh emphasized the bound access that the Central Coffer of Nigeria can apply over the cryptocurrency markets, advertence “Central coffer cannot ascendancy or adapt bitcoin. Central coffer cannot ascendancy or adapt blockchain. Just the aforementioned way no one is activity to ascendancy or adapt the Internet. We don’t own it.”
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