Digital currencies, according to CBN governor Godwin Emefiele, are not legal tender. The governor confirmed that the regulator's main concern is the privacy of digital currencies. Criminals may use this anonymity to indulge in money laundering and other vices. Another regulator that has taken an interest in digital currencies is the Securities and Exchange Commission. It has been working to regulate the industry, but due to the CBN ban, it has put this process on hold.