The central bank of Nigeria (CBN) reportedly has denied restrictions on the use of cryptocurrencies. This was disclosed by Adamu Lamek,a senior lol executive of CBN.
The directive by CBN on February 5, 2021, to stop banks from facilitating crypto related transactions has been reversed, due to the decrease in the volumes of centralized crypto exchanges.
As at the time of writing this news the following information was gathered;
The central bank of Nigeria has denied stopping banks from facilitating crypto related transactions.
It Withdraws the directives given to banks on February 5,2021; on the prohibition of banks from facilitating crypto related transactions.
The restriction hindered the volumes of centralized crypto exchanges, instead boosted the volume of peer to peer platforms.
Before the rebuttal there has been speculation that the CBN will soon put a halt to the peer to peer trading like Binance P2P platform.
In a workshop where Lamek represented the country's finance correspondent, affirms that the CBN's directive did not ban Cryptocurrency trading. Although the CBN has stopped banks from facilitating crypto transactions
After the ban was raised, there were oppositions from various leaders of blockchain and fintech over the issue.
It was also gathered that there was extensive deliberations over the ban, that many ruled in favour of regulating the industry, instead of a complete ban, as noted by one of the leaders in the person of Adedayo Adedao, the MD of Jerulida Africa DLT to Bitcoin.comNews.
In relation to that, there have also been oppositions by non-crypto parties like the Senate, and even the country's vice president Prof. Yemi Osibanjo
In addition Adebajo rekons from the review of the ban of Cryptocurrency exchange by CBN, that cryptocurrencies could well be a response to the voices that are opposed to complete ban.
Other important updates from the news include that Adebajo however, believes this latest clarification to be"a way forward one which we all hope with continuous effort to regulate the industry adoption will be broad and fast.
What are your thoughts on the rufutal on the ban of crypto exchange?
