What are the latest regulations and policies regarding cryptocurrency in Nigeria?

3 answers

• Nov 26, 2021 · 3 years ago
  Sure! The Central Bank of Nigeria (CBN) recently issued a circular that prohibits financial institutions from facilitating cryptocurrency transactions. This means that individuals and businesses in Nigeria are no longer able to use banks or other financial institutions to buy, sell, or trade cryptocurrencies. The CBN cited concerns about money laundering, terrorism financing, and other illegal activities as the reasons behind this decision. As a result, many cryptocurrency exchanges and trading platforms have suspended their services in Nigeria.
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• Nov 26, 2021 · 3 years ago
  Well, the Nigerian government has taken a strict stance on cryptocurrency. The Securities and Exchange Commission (SEC) has also classified cryptocurrencies as securities and has stated that any person or organization that wants to operate a cryptocurrency exchange or offer cryptocurrency-related services must be registered with the SEC. This move aims to protect investors and ensure that cryptocurrency activities are conducted in a regulated and transparent manner.
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• Nov 26, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that the latest regulations in Nigeria have had a significant impact on the local cryptocurrency ecosystem. Many individuals and businesses have had to find alternative ways to buy, sell, and trade cryptocurrencies. One such alternative is using peer-to-peer trading platforms that connect buyers and sellers directly. These platforms allow users to trade cryptocurrencies without the need for a traditional financial institution. BYDFi, a popular peer-to-peer trading platform, has seen a surge in users since the new regulations came into effect.
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