Cryptocurrency Q&A
Is bitcoin banned in Nigeria?
Is bitcoin banned in Nigeria?
Daniela
Wed Jul 10 2024
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6 answers
1351
Excuse me, as a professional practitioner in the field of cryptocurrency and finance, I'd like to inquire about the current status of Bitcoin in Nigeria. Specifically, I'm wondering if there are any legal restrictions or outright bans imposed on the use, trading, or mining of Bitcoin in the country. Could you please elaborate on the regulatory framework surrounding digital currencies in Nigeria, particularly Bitcoin, and whether or not it is currently legal to engage with this specific cryptocurrency within the country's borders? Your insights would be greatly appreciated.
6 answers
SumoMighty
Fri Jul 12 2024
On the 17th of January 2017, a significant announcement was made by the Central Bank of Nigeria (CBN).
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Margherita
Fri Jul 12 2024
This announcement came in the form of a circular, addressing all the Nigerian banks under its jurisdiction.
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GeishaWhisper
Fri Jul 12 2024
The content of this circular was straightforward and unambiguous: bank transactions involving bitcoin and other virtual currencies have been prohibited in Nigeria.
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CherryBlossomPetal
Fri Jul 12 2024
This ban was implemented without much prior notice or consultation, leaving many in the cryptocurrency community in Nigeria surprised and concerned.
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Caterina
Thu Jul 11 2024
The CBN cited various reasons for this ban, including the volatility of the virtual currency market and the potential risks it posed to financial stability.
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