The post Nigerian Central Bank Introduces Cryptocurrency Account Guidelines for Banks appeared first on Coinpedia Fintech News
Nigeria’s central bank has unveiled a roadmap for banks to establish cryptocurrency accounts. This follows the lifting of the ban on financial institutions serving digital asset companies.
Regulations aimed at steering the activities of virtual asset service providers (VASPs), lay down tight constraints on how these accounts can be utilized.
In February 2021, the Central Bank of Nigeria (CBN) prohibited banks and other financial institutions from engaging in or assisting with transactions involving cryptocurrency assets, and now, recently, the Nigerian central bank lifted the ban on crypto trading services on December 23, 2023.
Nigeria’s CBN has removed restrictions on cryptocurrency transactions. The original 2021 order banned banks from crypto-related transactions.The latest circular, however, gives clear guidelines supporting crypto, but with stringent cu
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