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<ul><li>Nigeria&#39;s Central Bank overturns its strict ban on banks dealing with cryptocurrencies, marking a significant shift in the country&#39;s financial policies.</li><li>The recent CBN circular allows Nigerian banks to support cryptocurrency transactions with stringent KYC and anti-money laundering protocols.</li><li>Allowing VASP interactions, CBN bars direct involvement in virtual currencies, signifying Nigeria&#39;s cautious stance on digital currency.</li></ul>In a groundbreaking development, Nigeria&#39;s Central Bank (CBN) has overturned its strict ban on banks engaging in cryptocurrency transactions, signaling a pivotal shift in the country&#39;s financial landscape. Initially enforced almost two years ago, the ban barred financial institutions from participating in digital currency-related activities.In a recent X post, Tech Journalist Abubakar shed light on the CBN&#39;s latest circular, issued on December 22, which retracts the previous stringent <a href="https://africa.businessinsider.com/local/markets/will-the-nigerian-government-allow-bitcoin-cryptocurrency-trading-again-in-nigeria/3vfszl3" rel="noopener noreferrer nofollow">restrictions</a> imposed in 2021. The new directive offers guidelines for Nigerian banks to support cryptocurrency transactions while enforcing rigorous customer KYC (Know Your Customer) and anti-money laundering protocols.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/385df628f46c4f6db54ef07a91818c5f.png" />Acknowledging the surging global demand and adoption of cryptocurrencies, the CBN justified its decision to lift the ban, recognizing the inadequacy of maintaining stringent constraints on financial institutions in the face of evolving trends. This move aligns with international dynamics emphasizing the regulation of Virtual Assets Service Providers (VASPs), such as cryptocurrencies and crypto assets.Read full article at <a href="https://cryptotale.org/nigerias-central-bank-lifts-ban-embracing-cryptocurrency-transactions/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Nigeria's Central Bank Lifts Ban, Embracing Cryptocurrency Transactions

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