The CBN had last Friday issued a directive to deposit money banks (DMBs), non-financial banks and other financial institutions not to provide banking services to entities dealing with cryptocurrencies. x
On Sunday the apex bank issued a statement explaining that it did not place any new restrictions on cryptocurrencies, given that all banks in the country had earlier been forbidden from using, holding or trading in cryptocurrencies.
President of Stakeholders in Blockchain Association of Nigeria (SiBAN), Mr. Senator Ihenyan, said it has made efforts since 2017 to engage the Central Bank of Nigeria (CBN) to regulate the cryptocurrency market in Nigeria to no avail.
Cryptocurrency traders and other experts have advised the Central Bank of Nigeria, CBN, to introduce regulations for cryptocurrency trading.
This, according to them, is because there are a lot of benefits that the country can derive from cryptocurrency trading.
The President of Stakeholders in Blockchain Association of Nigeria (SiBAN), Senator Ihenyen, said that the efforts made since 2017 to engage the Central Bank of Nigeria (CBN) to regulate the cryptocurrency market in Nigeria had not been successful.
According to him, regulation is the approach most developed countries in the world have taken as many have designed a robust regulatory framework.
The United State currency regulator recently allowed banks to trade in stablecoins.