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In a statement issued on January 2, the CBN provided more detailed information on the rules for cryptocurrency companies to open bank accounts. These guidelines are seen as a significant step as they come after the lifting of a long-standing ban on the cryptocurrency sector.

The CBN, stating that global trends are towards the use of cryptocurrency, said that the need for regulation is increasing and that activities in the sector will be increased.

However, it was also stated that certain restrictions remain in place. For example, the restrictions on Nigerian banks holding or trading cryptocurrency in their own names are still in effect. In addition, some activities such as withdrawing cash from cryptocurrency wallets and processing third-party checks are still prohibited.

While the CBN’s new guidelines are being seen as a sign of a transformation in the country’s cryptocurrency sector, the continuation of certain restrictions is keeping the sector uncertain.

These developments in the cryptocurrency world are raising great interest in the future of Nigeria’s cryptocurrency policies and how the country will shape its steps in this area.

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Crypto War in Nigeria

Nathaniel Luz, co-founder and CMO of Flincap, stated that the lifting of the ban is a significant plus for the industry, saying, “Crypto-fiat exchanges and P2P merchants will compete in the world’s largest crypto P2P market and the strongest will survive.”

Luz also commented on whether the new regulations would deter exchanges from entering the Nigerian market, saying that obtaining an SEC license could be difficult initially, but it would benefit the crypto industry in the long run.

This development contradicts the CBN’s ban on all financial institutions from providing services to crypto exchanges earlier in 2021. However, the new circular signals the beginning of a new era in the industry, showing the global demand and adoption of crypto shows the restrictions were unjust.

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