Nigeria’s Securities and Change Fee (SEC) introduced Thursday it has put plans to manage cryptocurrencies on maintain in gentle of the central fina
Nigeria’s Securities and Change Fee (SEC) introduced Thursday it has put plans to manage cryptocurrencies on maintain in gentle of the central financial institution’s resolution to ban them, in line with a report by the Guardian Nigeria.
The regulatory physique launched an announcement formally confirming any plans to manage the cryptocurrencies are actually on maintain following a Central Financial institution of Nigeria (CBN) directive ordering banks to shut any accounts transacting with cryptocurrencies.
“For the aim of admittance into the SEC regulatory incubation framework, the evaluation of all individuals and merchandise affected by the CBN round of Feb. 5, 2021, is hereby placed on maintain till such individuals are in a position to function financial institution accounts inside the Nigerian banking system,” the SEC stated in an announcement seen by the publication.
The CBN letter which was signed by Bello Hassan, Director of Banking Supervision, stated it was reminding regulated banking establishments that “dealing in cryptocurrencies or facilitating funds for cryptocurrency exchanges is prohibited” and any breaches of the order would face “extreme regulatory sanctions.”
Regardless of the announcement made by CBN, the Nigerian cryptocurrency neighborhood appeared largely undeterred utilizing peer-to-peer alternate platforms to proceed buying and selling.