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good news for nigerian
Central Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system.

The CBN announced the reversal of the policy in a circular by Haruna Mustapha, di. ctor in charge of financial policy and regulation.

Mr Mustapha said the apex bank would now provide regulations for financial institutions on how to manage cryptocurrency to avoid misuse.

The News Agency of Nigeria (NAN) recalls that the CBN issued a circular in February 2021 restricting banks and other financial institutions from operating accounts for cryptocurrency service providers. #cbn #Nigeria @crypto_MOJ news $ETH $BTC $SOL

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ナイジェリアで偽ナイラ紙幣が出回っているとして#CBNが強い警告を発令 クリスマスまであと数日
CBNは、国内で偽貨の拡散に関与している者に対し、その行為をやめなければ制裁に直面するよう警告した CBNによると、偽貨は食品市場やその他の商業センターで流通しており、この行為を望んでいると判明した者は訴追されるだろうと指摘した。偽ナイラ紙幣を押収 #cbn #CryptoMoj #BTC

Nigeria's Central Bank Unlocks Crypto Potential. 🇳🇬🪙

Central Bank of Nigeria (CBN) has officially lifted its ban on cryptocurrency transactions, reshaping the nation's financial landscape. Haruna Mustafa, Director of the Financial Policy and Regulation Department, announced this transformative decision, highlighting Nigeria's commitment to adapting to global financial trends.

Regulation of VASPs:

The CBN aligns with global trends by emphasizing the regulation of Virtual Assets Service Providers (VASPs), including cryptocurrencies. This move addresses concerns like money laundering and terrorism financing, in accordance with Financial Action Task Force (FATF) recommendations.

New Guidelines for Banking Activities:

Fresh guidelines have been issued to regulate banking activities related to VASPs. Section 30 of the Money Laundering Act of 2022 officially recognizes VASPs as part of the financial institution definition. Immediate compliance is stressed for all banks and financial institutions in Nigeria.

Prohibition on Direct Crypto Transactions:

While lifting the ban enables banking transactions with VASPs, the CBN prohibits banks from holding, trading, or transacting virtual currencies on their own accounts. This nuanced approach showcases Nigeria's openness to the digital currency wave while exercising caution to mitigate potential risks.

The CBN's groundbreaking policy shift marks a transformative chapter in Nigeria's financial history. It signifies the country's readiness to embrace evolving global financial trends while vigilantly managing potential risks associated with the crypto space. Nigeria has positioned itself at the forefront of financial innovation, signaling a promising future for its digital economy.

#VASPs #FATF #Nigeria #HarunaMustafa #cbn