The CBN lifted the ban imposed two years ago on Cryptocurrency in the Nigerian banking system. Mr Haruna Mustapha, Director of financial policy and regulation, announced the reversal stating that the apex bank would now provide regulations for financial institutions to prevent illegal Cryptocurrency transactions.

Crypto transactions were banned by former Governor of the Central Bank Of Nigeria, Godwin Emefiele, in February 2021 due to increased money laundering and terrorist financial attacks.

Mr. Godwin Emefiele also mentioned that “the vulnerability inherent in cryptocurrency operations, as well as the absence of regulation and consumer protection measures were also responsible for the policy”. Globally, the current trends have shown that cryptocurrencies and crypto assets are resourceful means of income for many online virtual traders. Crypto is accessible to the young and old so long as they possess the knowledge and skills needed to operate the virtual assets. According to Mr Mustapha, following the current trends, there is a need to regulate the activities of Virtual Assets Service Providers (VASPs) to prevent misuse of virtual assets.

The recent guidelines on virtual assets by Governor Olayemi Cardoso supersedes the CBN circular of Feb. 5, 2021, on the subject pronounced by Mr Godwin Emefiele.

On a good note, the reversal policy on crypto transactions would boost wealth circulation as citizens who own or operate virtual assets get back into their trade thereby aiding economic growth nationwide.

Source: PremiumTimes
Photo credit: Olayemi Cardoso

Isorite

Nice one

Time don reach for guys with virtual assets to make money

Interesting

Love it