NDIC Finally Makes Fresh Decision On Bitcoin And Others

Nigeria is still far from legalizing the use of Bitcoin in the country just as almost all the Central Banks in the world have refused to endorse it.

NDIC, which is the Nigeria Deposit Insurance Corporation has just placed an explicit warning to Nigerians to steer off the popular and the fast rising bitcoin trading and its relations as it is not yet authorized in the country by the Central Bank of Nigeria and isn’t backed up by any law in the Nigeria’s constitution.

The Insurance Corporation also made further revelations stating how digital currencies are unregulated electronic forms of monetary value that can literally act as our conventional currencies in making transactions and payments;

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A digital currency has no physical form and it is not issued or controlled by any central authority and is thus exempted from government support.

Digital currencies are not created, issued or guaranteed by any Central Bank. Digital Currencies are also referred to as Virtual or Crypto currencies, NDIC added.

NDIC went further to pick point these facts behind the popular digital currency. According to the list.

1. Neither currencies nor coins offered by any central bank like the Central Bank of Nigeria (CBN) or a Central Bank of any other country with authority to issue such currency.

2. Not backed by any physical commodity, such as gold.

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3. Not deposits or instruments authorized by the CBN.

4. Not insured by the NDIC.