Nigeria’s Central Bank ‘Softens’ Its Stance, Permits Bank Accounts for Bitcoin Companies

“Nigeria’s central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf,” reported Bloomberg.The decision rescinds a 2021 directive against institutions facilitating cryptocurrency transactions and prohibiting local banks from opening accounts for Bitcoin service providers.“Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers which include cryptocurrencies and crypto assets,” the CBN said a statement.”Only naira-based accounts will be permitted and there will be no cash withdrawals, the central bank said. The restrictions also bar clearing third-party checks through crypto accounts and will limit withdrawals to two per quarter.”

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