Nigerian Central Bank Lifts Ban on Crypto Trading (reuters.com) 21
Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular. From a report: The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks. Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.
In a circular dated Dec. 22, the CBN said current trends globally have shown there is a need to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrencies and crypto assets. The latest guidelines spell out how banks and financial institutions (FI) should open accounts, provide designated settlement accounts and settlement services and act as channels for forex inflows and trade for firms transacting in crypto assets. VASPs would need to be licensed by the Nigerian SEC to engage in the crypto business.
In a circular dated Dec. 22, the CBN said current trends globally have shown there is a need to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrencies and crypto assets. The latest guidelines spell out how banks and financial institutions (FI) should open accounts, provide designated settlement accounts and settlement services and act as channels for forex inflows and trade for firms transacting in crypto assets. VASPs would need to be licensed by the Nigerian SEC to engage in the crypto business.
crapto (Score:1)
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Thank goodness. (Score:4, Funny)
That prince can finally move his funds now.
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That prince can finally move his funds now.
Nah - now he'll have lost the password to the drive holding his key to $50M worth of Bitcoin. He needs money to pay hackers to retrieve the key so he can unlock the funds, and he'll repay your $10K investment with $1.5M. The guy's a total klutz when it comes to money.
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Just complete the KYC steps for your Metamask wallet.
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That prince can finally move his funds now.
All of them.
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That prince can finally move his funds now.
Just make sure you're buying Prince [wikipedia.org] Coin and not Nigerian Prince Coin ... :-)
The return of the Nigerian crapto scam (Score:2)
I guess they were feeling the economic aspects from making scams and money-laundering harder by panning crapto ...
Maybe the high concentration of... (Score:3)
...scammers will be attracted closer and closer together, before they enter a deathmatch or collapse into a black hole of infinite recursive scams
Can I get my $723 back now? (Score:2)
Nigeria has a central bank and they're now working to help cyber crypto a1 quantum trading imaginary funds.
Can I get back my $723 I sent Mubadallah Muhammed Corgipuppy Shukshaka Al-walled bin-tachat as transfer fees for the $150,000,000,000 that's due to me because it's sitting in a bank with my name/name like mine/inheritance/lottery/weird african country giving out 10x their gdp in one big win, etc.?
My banking and personal info is below.
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Sometimes (Score:2)
"Nigerian Central Bank Lifts Ban on Crypto Trading"
Sometimes the jokes just write themselves.
Thank god (Score:2)
Finally Nigerian princes can now transfer their Dunning-Krugerrands with impunity again.
Welcome to the 419th Princely Bank! (Score:2)