{"id":106205,"date":"2024-01-04T10:30:49","date_gmt":"2024-01-04T09:30:49","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-slams-fresh-restriction-on-cryptocurrency-transaction"},"modified":"2024-01-04T13:24:03","modified_gmt":"2024-01-04T12:24:03","slug":"cbn-slams-fresh-restriction-on-cryptocurrency-transaction","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-slams-fresh-restriction-on-cryptocurrency-transaction","title":{"rendered":"CBN slams fresh restriction on Cryptocurrency transaction"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions.<\/p>\n

The apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers.<\/p>\n

According to the guidelines, cryptocurrency accounts shall be used for only virtual\/digital assets and not for any other purpose.<\/p>\n

Accordingly, CBN barred cash withdrawals from cryptocurrency and noted that no third-party cheques should be cleared.<\/p>\n

\u201cCurrent trends globally have shown a need to regulate the activities of virtual asset service providers, which include cryptocurrencies and crypto assets.<\/p>\n

\u201cAn account opened by these Guidelines shall only be used for transactions on virtual\/digital assets and not for any other purpose.<\/p>\n

\u201cNo cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared.<\/p>\n

\u201cExcept for the settlement of a virtual\/digital assets transaction, which shall be done through a transfer to another designated account, the withdrawal shall be only through a manager\u2019s cheque or transfer to an account,\u201d it stated.<\/p>\n

The developments come after the CBN lifted the ban on cryptocurrency in December 2023.<\/p>\n

To this end, Nigeria has joined the rest of African countries like South Africa, Botswana and others to regulate the cryptocurrency market amid its susceptibility to fraud.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions. The apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers. According to the guidelines, cryptocurrency accounts shall be used for only virtual\/digital assets and not for any other purpose. Accordingly, […]<\/p>\n","protected":false},"author":84,"featured_media":106204,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,2914,254],"class_list":["post-106205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-cryptocurrency","tag-nigeria"],"yoast_head":"\nCBN slams fresh restriction on Cryptocurrency transaction - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions. 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