Bussinesspost.ng reported that Mr. Adikwu Igoche, Manager in charge of Research Department at the Nigeria Deposit Insurance Corporation (NDIC), stated that cryptocurrencies instruments authorised by the Central Bank of Nigeria.

The article stated that they will refrain from patronizing ponzi schemes and digital currencies. After viewing the NDIC website we found that they recently put up a special notice to banks, bank depositors and the general public on digital currencies on their website. NDIC is a corporation that is being regulated by the Nigerian Ministry of Finance and their aim is to protect the banking system from instability caused by certain occurrences. They are also a member of the Financial Reporting Council of Nigeria.

Not so long ago we already reported on a warning regarding cryptocurrencies by the Central Bank of Nigeria. Now it seems that additional regulators are joining the fight against the new digital assets. The warning targets users, holders and traders and highlights Bitcoin, Zcash, Monero and Litecoin in their text.

They are also highlighting their stance that these currencies are not backed by governments or any underlying assets like Gold (or other commodities). Another topic of the statement is the risk of theft and possible high volatility and they also mention that the head of the Bank for International Settlements labelled Bitcoin as a bubble and a ponzi.

Even though they are not clearly banning these digital assets, they mention that these are not legal tenders and also quote countries that have already banned or restricted the use of them: Bangladesh, Nepal, Ecuador, Bolivia, Iceland and Morocco.

For the full warning report check here.

We really hope that they will soon change their mind on these emerging technologies as most developed or developing countries are starting to see the value behind them.