China Joins CBN To Ban Cryptocurrency Transactions


China has joined the Central Bank of Nigeria to ban banks and other financial sectors from cryptocurrency transactions.

Recall that CBN banned this transactions about three months ago, It also warned investors against speculative crypto trading. In February it directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.

According to China in a statement;

“Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,”

The institutions must also not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement added.

Following the ban by China, Bitcoin shocked investors yesterday, plunging as much as 31 per cent before cutting the drop in half in a bout of selling that drew attention across Wall Street and social media.

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