The ban of crypto by the Central Bank of Nigeria (CBN) stated that banks and other financial institutions should shut down the bank accounts of persons involved in making transactions with digital assets with immediate effect. It also stated that banks that go against the circular will face serious regulatory actions.
The ban also prohibited banks from any form of engagement in digital assets and processing remittances for cryptocurrency exchanges. Crypto currency exchanges with the help of payment firms such as Paystack and Flutterwave serve as the middleman with bank clients in Nigeria. This collab allowed cryptocurrency trading firms to facilitate debit cards and direct bank transfer transactions. Sequel to the statement released, those firms have been restricted from processing such transactions for a while now.
Typical Nigerians are forced to ask when will this bondage stop.
It's 1 year now since @cenbank halted the banks services as payment gateway in Nigeria.
Crypto is a new global financial system.
Don't BAN rather REGULATE!
@OfficialSiban
#regulatecryptonotban
#cbnliftcryprestriction
#cryptoislegit
#Cbncrypto1stanniversary
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