Bitcoin Ban In Nigeria: What Has Changed? Today

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An order from the Central Bank of Nigeria (CBN) barring financial institutions from servicing cryptocurrency transactions, effectively “banning Bitcoin” in the country, withstands more than 16 months later, despite the Nigerian Security and Exchange Commission (SEC) recently releasing new regulations for digital assets and the continued significant adoption and use of Bitcoin in the country.

How Will The Latest Regulation In Nigeria Impact Bitcoin?

Last month, the Nigerian SEC released a set of regulations aimed at governing the issuance, exchange and custody of digital assets there. These new sets of digital assets regulations are a follow-up to a September 14, 2020 commitment to work on regulation that would solve many of the perceived problems with the cryptocurrency market in Nigeria.

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