“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal," asked Central Bank of Nigeria acting director of corporate communications Osita Nwanisobi. "It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”
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Indian Prime Minister Narendra Modi's government is close to approving a digital rupee while banning cryptocurrency exchanges (Photo: Wikimedia Commons)India close to deciding on digital rupee as crypto ban advances
The Reserve Bank of India says it will decide “very soon” whether to create a central bank digital currency, while a bill banning cryptocurrencies advances
The announcement comes in the wake of reports last week that prime Minister Narendra Modi’s government plans to pass a “Cryptocurrency and Regulation of Official Digital Currency Bill” that establishes a legal framework for a CBDC while banning private cryptocurrencies—although certain exceptions would be made for tokens used by blockchain projects.