Posted 12/24/2023, 4:21:52 PM
Nigeria Lifts Crypto Banking Ban, Enables Banks to Work With Licensed Firms Under Strict Rules
- Nigeria's Central Bank lifted its ban on crypto-related transactions by banks after nearly 2 years
- Banks now allowed to handle transactions for licensed virtual asset service providers (VASPs)
- Banks have strict requirements for working with crypto firms, including collecting identification
- Major Nigerian banks collaborating to launch new stablecoin pegged to the naira called cNGN
- Nigeria has high cryptocurrency adoption, ranking 2nd on Chainalysis' Global Crypto Adoption Index