Nigeria will not insure crypto transactions

This was announced by The Nigerian Deposit Insurance Corporation
28 November 2017   308

The Nigerian Deposit Insurance Corporation (NDIC) warns that the state will not provide insurance protection to transactions made with the help of any cryptocurrencies (for example, bitcoin), not issued by the Central Bank of the country.

If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN [Central Bank of Nigeria] rules and NDIC will not insure it. We have consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.

 

Mohammed Umar

NDIC’s director of research for policy and international relations

Five specific currencies figured in the circular: Bitcoin, Ripple, Monero, Litecoin and Dogecoin. Earlier, Nigeria's central bank notified the financial institutions of the country about the need to limit crypto-transactions or other related transactions.

Despite these statements, it is clear that Nigeria lacks any means to limit the use of cryptocurrency by citizens or everyday investors. At the same time, countries such as Japan, Iran and Bahrain are ready to legally recognize bitcoin as an official form of payment.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   34

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.