Cryptocurrency Q&A
Why did the CBN ban crypto transactions in 2021?
Why did the CBN ban crypto transactions in 2021?
Martina
Fri Nov 22 2024
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6 answers
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In 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting banks and other financial institutions from facilitating crypto-related transactions, citing concerns over the potential risks such as fraud, money laundering, and the impact on the country's financial stability.
6 answers
SamuraiCourage
Sat Nov 23 2024
To mitigate these risks, the CBN issued a circular that prohibited Nigerian banks from allowing bank accounts to be directly tied to crypto transactions.
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Silvia
Sat Nov 23 2024
In February 2021, the Central Bank of Nigeria (CBN) took action to address the regulatory vacuum in the cryptocurrency sector.
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BitcoinWizardry
Sat Nov 23 2024
This circular was widely known and caused significant impact on the local crypto market.
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Daniela
Sat Nov 23 2024
The CBN was concerned about the lack of consumer protection measures in the crypto market.
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DongdaemunTrendsetting
Sat Nov 23 2024
BTCC, a top cryptocurrency exchange, offers a range of services to its customers.
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