{"id":54858,"date":"2023-12-24T05:00:53","date_gmt":"2023-12-24T05:00:53","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=54858"},"modified":"2023-12-24T05:00:59","modified_gmt":"2023-12-24T05:00:59","slug":"cbn-lifts-ban-on-cryptocurrency-transactions","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/cbn-lifts-ban-on-cryptocurrency-transactions\/","title":{"rendered":"CBN lifts ban on cryptocurrency transactions"},"content":{"rendered":"\n<p>Abuja, Dec. 24, 2023: The Central Bank of Nigeria (CBN) has lifted the&nbsp; ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system.<\/p>\n\n\n\n<p>The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director, Financial Policy and Regulation.<\/p>\n\n\n\n<p>Mustapha said that the apex bank would now provide regulations for financial institutions on how to manage cryptocurrency to avoid misuse.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The then CBN Governor, Godwin Emefiele, had announced that the restriction was necessary in view of the money laundering and terrorism financing risks posed by cryptocurrency.<\/p>\n\n\n\n<p>Emefiele also said that the vulnerability inherent in cryptocurrency operations, as well as the absence of regulation and consumer protection measures were also responsible for the policy.<\/p>\n\n\n\n<p>According to Mustapha, current global trends have shown that there is need to regulate the activities of Virtual Assets Service Providers (VASPs) which include cryptocurrencies and crypto assets.<\/p>\n\n\n\n<p>\u201cFollowing this development, the Financial Action Task Force (FATF) also updated its recommendation to require VASPs to be regulated, to prevent misuse of virtual assets.<\/p>\n\n\n\n<p>\u201cIn view of the foregoing,&nbsp; the CBN hereby issues this guidelines to provide guidiance to financial institutions under its regulatory purview in respect of their relationship with VASPs in Nigeria.<\/p>\n\n\n\n<p>\u201cThe guidelines supersedes the CBN circular of Feb. 5, 2021on the subject,\u201d the director said.<\/p>\n\n\n\n<p>He, however, warned that banks and other financial institutions were still prohibited from holding, trading or transacting in cryptocurrencies on their own account.<\/p>\n\n\n<!-- wp:themify-builder\/canvas \/-->","protected":false},"excerpt":{"rendered":"<p>Abuja, Dec. 24, 2023: The Central Bank of Nigeria (CBN) has lifted the&nbsp; 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, its Director, Financial Policy and Regulation. Mustapha said that the apex bank would now [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":44131,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[579],"class_list":["post-54858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cryptocurrency","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN lifts ban on cryptocurrency transactions - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/cbn-lifts-ban-on-cryptocurrency-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN lifts ban on cryptocurrency transactions - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Abuja, Dec. 24, 2023: The Central Bank of Nigeria (CBN) has lifted the&nbsp; ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. 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