Despite CBN Ban, Nigerians Traded N316.9bn Bitcoin In 2021
Despite the Central Bank of Nigeria’s prohibitions on cryptocurrency transactions in the country’s banking system, Nigerians transacted at least N316.9 billion in bitcoin in 2021.
The Central Bank of Nigeria (CBN) ordered banks in the country to stop transacting in and using cryptocurrencies in February.
Banks were also required to terminate the accounts of anyone or anything involved in bitcoin transactions.
The apex bank said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
After the official restriction on crypto assets in the nation, Peer-to-Peer transactions increased. According to a report by Chainalysis, Nigeria is the sixth leading nation in the world in terms of crypto adoption, because of the resilience of its peer-to-peer monetary systems since the CBN banned the digital asset.
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Paxful, one of the biggest P2P platforms in the nation, revealed to our correspondent that Nigerians traded over N316.9bn in BTC volume in 2021. (Punch)
