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Any breach of this provision is punishable in accordance with the laws and regulations in force.12 on 5 february 2021, the central bank of nigeria issued a circular informing financial institutions in nigeria that sequel to their circular in january 2017, dealing in cryptocurrency or facilitating payment. Therefore, bitcoin is neither legal nor illegal. It is worth noting that some countries regulate exchanges — local or foreign — being used by their citizens and the laws that apply to them usually depend on how cryptocurrencies are classified. What is cryptocurrency and how does it work in nigeria & everywhere? The central bank of nigeria (cbn) sequel to setting up of an industry committee to look into and articulate a road map for blockchain & cryptocurrency in order to regulate its usage, the country passed into law the virtual currency act which regulates the use of bitcoins as a form of currency. Bitcoin neither comes under the central bank nigeria nor the security exchange commission. In january 2017, the central bank of nigeria announced that bank transactions in virtual currencies were banned in nigeria, however, the bank has since clarified it's stance on bitcoin. This issue has been highlighted as extremely important in the eye of the the subject of discussion: However, the nigerian parliament has instituted an investigation into the merits and demerits of adopting bitcoin as a means of payment. Is crypto trading legit or not, is removed by the law now. Adding to the woes is the global the stakeholders in blockchain technology association of nigeria (siban), the equivalent of nigeria's blockchain association, is one organization sounding the. Beware of fake exchangers and deal only with genuine ones. According to a report on sunday, bank officials have said the directive is not to be mistaken for an outright ban.
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