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Nigeria Crypto Guidelines Relaxed! The Central Bank of Nigeria (CBN) has released new guidelines governing the relationship between cryptocurrency companies and banks. This move is seen as a sign of easing the country’s long-standing cryptocurrency ban.
In a statement issued on January 2, the CBN provided more detailed information on the rules for cryptocurrency companies to open bank accounts. These guidelines are seen as a significant step as they come after the lifting of a long-standing ban on the cryptocurrency sector.
The CBN, stating that global trends are towards the use of cryptocurrency, said that the need for regulation is increasing and that activities in the sector will be increased.
However, it was also stated that certain restrictions remain in place. For example, the restrictions on Nigerian banks holding or trading cryptocurrency in their own names are still in effect. In addition, some activities such as withdrawing cash from cryptocurrency wallets and processing third-party checks are still prohibited.
While the CBN’s new guidelines are being seen as a sign of a transformation in the country’s cryptocurrency sector, the continuation of certain restrictions is keeping the sector uncertain.
These developments in the cryptocurrency world are raising great interest in the future of Nigeria’s cryptocurrency policies and how the country will shape its steps in this area.