issued a ruling instructing all financial institutions to stop the facilitation of all transactions involving cryptocurrencies. It also goes further asking all the regulated bodies to identify individuals or organizations engaging in cryptocurrency transactions within their system and shut down their accounts with immediate effect. Finally, the circular note that failure to adhere to the directives will attract severe regulatory sanctions on the part of the regulated entity.
This latest crackdown on cryptocurrency by CBN was met with huge outrage and sparked controversy among the general public as people debated what the ruling would mean for the country’s financial institution especially the burgeoning Fintech sector.How’s the Nigeria Fintech Ecosystem Most of the Fintech companies in the country offer cryptocurrency remittance services on their platform which allow users toand other cryptocurrencies, save and invest, facilitate payment transactions, convert digital assets in Naira, and many more.