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Nigeria bans banks from serving bitcoin exchanges

The Central Bank of Nigeria (CBN) has banned commercial financial institutions from providing services to cryptocurrency exchanges and digital asset companies. The directive came into force after publication.

The regulator ordered banks to close such accounts. Violators face penalties.

According to Google Trends, Nigeria has the second highest interest in Bitcoin in the world.

The popularity of the search query “bitcoin” by country over the past 30 days. Data: Google Trends.

In 2017, CBN acknowledged that it was impossible to regulate or stop the distribution of the first cryptocurrency.

In October 2020, Twitter CEO Jack Dorsey urged users to donate bitcoins to victims of law enforcement arbitrariness.

Previously, the Nigeria Securities and Exchange Commission (SEC) recognized digital assets as securities “unless proven otherwise.”

Letter to All Banks on Crypto Currency by ForkLog on Scribd

We will remind, in November 2020, the Ministry of Finance of the country announced the beginning of joint work with the SEC on legal standards for cryptocurrencies.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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