In 2020, the Securities and Exchange Commission (SEC) moved to integrate blockchain and virtual assets into Nigeria’s capital market. It encouraged Nigerian cryptocurrency enthusiasts but in a surprising twist, the Central Bank of Nigeria (CBN) recently directed all financial institutions to discontinue cryptocurrency exchanges and close accounts associated with cryptocurrency exchanges.
The conflicting stance of the two financial regulatory authorities has become a source of worry for Nigerian cryptocurrency startups; notwithstanding, the virtual asset which has come to disrupt the traditional financial services is unstoppable….
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