The electric car maker says it will start accepting payments in bitcoin for its products.
At a time the Nigerian government is banning cryptocurrency-related transactions, the electric car maker,
The company said in a filing with
The company, owned by the world's richest man,
Bitcoin prices rose to a new high Monday after the disclosure, reaching
Musk has tweeted about cryptocurrencies in recent weeks, and such posts have been credited in part with the surge in prices of cryptocurrencies.
Nigeria Bans
The announcement came just three days after the
It said in a statement on Sunday that the digital currency is used for money laundering and terrorism.
The decision has sparked outrage from mostly young people in a country that is the world's second-biggest user of virtual currencies like Bitcoins.
The statement by Osita Nwanisobi, Acting Director, Corporate Communications, said the ban on such transactions will not have any negative impact on fintechs..
"The use of cryptocurrencies in
"The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal," he added.
"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.
"Many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities.
"The role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called "
"More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices."
Former Vice President
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