The ICPC has asked the National Assembly to make legislation to regulate cryptocurrency trading to stop operators from using it to perpetrate crimes
“This is not the kind of account you can easily freeze. Before you freeze an account you have to know the account name, the BVN etc. But in cryptocurrency, you only have the wallet but the identity of the person is not known to anyone. Those who helped to convert the currency do not have registered organisations, these are the things that facilitate money laundry and terrorism.
“Many people have lost money through cryptocurrency trading unlike in a bank depository scheme where your money is insured in case of any eventuality. But if you lose money in cryptocurrency what insurance do you have? Who would you hold responsible? Who is guaranteeing digital currency, you don’t even know the people who created them, they are anonymous.”
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