Monday, March 11, 2024

Central Bank of Nigeria Enforces New Restrictions on Cryptocurrency Transactions

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The Central Bank of Nigeria has imposed fresh restrictions on cryptocurrency transactions, as per the recent guidelines released on its website.

These guidelines specify limitations on the use of cryptocurrency accounts, known as Virtual Assets Service Providers, allowing them solely for virtual/digital asset transactions and not for any other purposes.

Under these regulations, the CBN has prohibited cash withdrawals from cryptocurrency accounts and explicitly stated the non-clearance of third-party cheques.

The guidelines emphasized that these accounts should be exclusively used for transactions involving virtual/digital assets.

The statement from the apex bank indicated a global necessity to regulate the activities of virtual asset service providers, encompassing cryptocurrencies and crypto assets.

Moreover, it clarified that withdrawals from these accounts could only occur through a manager’s cheque or transfer to another designated account, primarily for settling virtual/digital asset transactions.

These stringent measures follow the CBN’s decision to lift the cryptocurrency ban in December 2023, marking a reversal of their previous stance on cryptocurrencies

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