Use Of Cryptocurrency, Bitcoin Is A Big Concern – IMF Supports CBN

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The International Monetary Fund has called for caution in the use of cryptocurrencies , describing it as a concern.

It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria.

The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use of cryptocurrencies was why many central banks were cautious about the development.

He said, “The issue with some of the cryptocurrencies is that perhaps some care should be taken about their activities. The use of cryptocurrencies is a concern.

“That is why some central banks, not only in Nigeria, have these concerns about what kind of activities these cryptocurrencies are put and how best to monitor those activities.”

Aiden noted that some of the activities might be illegal or related to money laundering and drug peddling.

This, he said, was why many monetary authorities had been concerned about how best to supervise and increase their oversight regarding the use of cryptocurrencies.

Aisen further canvassed the unification of foreign exchange rates in Nigeria so as to make the management of forex more transparent across the country.


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Mohammed Abdulganiyu Haruna

He is a prolific writer and a BSc. and MSc. holder at the prestigious Universities, University of Ilorin, Ilorin, Nigeria and University of Benin, Benin, Nigeria. He is also a freelance writer and a publisher of many articles and a book. He is a social worker by profession and a passionate and patriotic enthusiast. He has won many writing contests and given presentations on salient issues at different radio stations and news outlets. He has lectured at so many schools, recently, at University of Ilorin, Ilorin, Nigeria. He is an accommodating and lovely person.

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