The Central Bank of Nigeria (CBN) has issued guidelines covering relationships between cryptocurrency companies and banks.
Nigeria chose to soften its stance towards cryptocurrencies. by Central Bank of Nigeria January 2 In the statement made on the day, cryptocurrency companies About bank account opening rules More details were included. One regulatory clarity step These documents came after the lifting of a cryptocurrency ban that had been going on for years.
CBN stated that the global trend is towards the use of crypto money. stating that the need for regulation is increasing He signaled that activities in this field will be increased.
Current trends globally have shown the need to regulate the activities of service providers involving cryptocurrencies and crypto assets.
The guidelines offered by the CBN are for Nigerian banks to restrictions on holding or trading cryptocurrencies Even though it was not removed, the country’s continued work on this issue was welcomed positively.
According to the rules, withdrawing cash from cryptocurrency wallets and processing third-party checks through these accounts are still prohibited.