CBN slams fresh restriction on Cryptocurrency transaction

The Central Bank of Nigeria has harshly slammed limitations on Bitcoin transactions.

This was revealed by the apex bank in new guidelines posted on its website for managing virtual asset service provider (VASP) cryptocurrency accounts.

The guidelines state that cryptocurrency accounts can only be used to hold virtual or digital assets; they cannot be utilised for any other purpose.

As a result, CBN declared that no checks from third parties should be cleared and prohibited cash withdrawals from cryptocurrency.

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