Nigeria looks to pass new crypto legislation to keep up with global economic innovation Cryptocurrencies
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Previously, the CBN had ordered banks and other financial institutions to “identify persons and entities operating cryptocurrency exchanges and close all such accounts.” The central bank said at the time that exchanging and facilitating payments through cryptocurrencies is against the law. Ibrahim said that digital currencies are classified differently depending on the jurisdiction, but they don’t recognize boundaries. “You can stay here in Nigeria and invest in the United States, Canada or anywhere,” he said.
Ibrahim clarified that the focus is not on lifting the ban, but looking at the framework for regulation of cryptocurrencies. “CBN is regulating financial markets and the Securities Exchange Commission regulates the capital market,” he said.
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