Central Bank of Nigeria: Nothing New in 2021 Decision
CBN (Central Bank of Nigeria) released a statement explaining its attitude towards cryptocurrencies
The message about the prohibition of financial institutions to open accounts for users wishing to work with cryptocurrency caused a real shock on social networks.
CBN emphasised in its report that its announcement is nothing out of the ordinary. In the letter, the regulator recalled that cryptocurrencies are not considered legal means of payment in Nigeria. This is the position of the bank since 2017.
By the CBN Circular dated 01/12/2017, all financial institutions are prohibited from trading in cryptocurrency, carrying out any actions with digital assets. Therefore, no new restrictions were imposed on the industry.
Due to the ban, most platforms and local applications working with cryptocurrencies have suspended deposits. In response to the outrage on social networks, the representative of the regulator noted that working with cryptocurrency is prohibited in many countries.
For example, in China, where exchanges are closed and cryptocurrencies are prohibited. Therefore, there is nothing strange in the decision of the Nigerian regulator. CBN plans to continue to protect its citizens and the stability of the financial system.