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BUSINESS & ECONOMYCOVERNEWSLETTER

UGRF Calls for CBN Regulation of Cryptocurrencies Market to Curb Fraud by Trade Merchants

CBN
United Global Resolve For Peace (UGRF) has called on the Central Bank of Nigeria (CBN) to regulate all online trade merchant groups defrauding Nigerians of their hard-earned money through bitcoins and cryptocurrency.Meanwhile, an online trade merchant, Paxful Incorporation based in Estonia has denied a media report that it is defrauding Nigerians.

Recall that UGRF had petitioned the CBN, Economic and Financial Crimes Commission (EFCC) and the Ministry of Foreign Affairs over allegations that Paxful was defrauding Nigerians

Speaking at a press briefing, yesterday, in Abuja, Executive Director of UGRF, Shalom Olaseni, said it was high time CBN put in place some measures and guidelines that would regulate activities of all online merchant groups operating in Nigeria.

“There is need for proper regulation of online trade platforms in Nigeria so as to stop Nigerians, particularly the youths from being defrauded by these online trade groups,” he said.

Reacting, Public Relations Manager, Paxful, Nina Paragoso, in a statement, said the online platform did not tolerate fraud or illicit activities from any of its users or employees, adding that the Paxful team was committed to providing a safe and open financial marketplace for everyone, and to that end, enforces specific terms and conditions on all platform users.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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