Cryptocurrency Q&A
What percentage of cryptocurrencies are regulated by the CBN?
What percentage of cryptocurrencies are regulated by the CBN?
HanbokGlamourQueen
Tue Dec 03 2024
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6 answers
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I'm wondering about the extent of the Central Bank of Nigeria's (CBN) regulation over cryptocurrencies. Specifically, I'd like to know what percentage of cryptocurrencies are currently being regulated by the CBN.
6 answers
SsamziegangSerenadeMelodyHarmonySoul
Thu Dec 05 2024
The CBN circular dated February 5, 2021, did not introduce any fresh restrictions on cryptocurrencies. This is an important point to note as it clarifies the bank's stance on the matter.
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DaeguDivaDanceQueen
Thu Dec 05 2024
Prior to the February 2021 circular, the CBN had already issued a directive in January 2017. This earlier circular prohibited all banks in the country from using or holding cryptocurrencies.
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CherryBlossomDance
Thu Dec 05 2024
Cryptocurrencies currently account for 68 percent of the digital market. This figure highlights the significant role they play in the financial landscape.
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KimonoSerenity
Thu Dec 05 2024
Despite the 2017 directive, cryptocurrencies have continued to gain traction in Nigeria. This growth can be attributed to their decentralized nature and the potential for high returns on investment.
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CryptoKnight
Thu Dec 05 2024
Regarding our recent policy announcement, it is crucial to address some misconceptions. Specifically, there is a need to clarify the position of the Central Bank of Nigeria (CBN) on cryptocurrencies.
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