IMF cautions Nigerians on use of cryptocurrencies

International Monetary Fund says people should exercise caution in the use of cryptocurrencies, describing the trend as a matter of concern.

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

Resident Representative of IMF for Nigeria, Ari Aisen, noted that 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.”

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

He said this was the reason many monetary authorities had been concerned about how best to supervise and increase their oversight regarding the use of cryptocurrencies.

Aisen, however, advised the Nigerian government on the need to unify foreign exchange rates in the country in order to make forex management more transparent across the country.

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