Nigeria to Close Customer Accounts Linked to Bitcoin Activity

1

The Central Bank of Nigeria (CBI) has ordered the closing of citizens’ bank accounts for using cryptocurrencies(Bitcoin).

The central addressed all banking and other financial institutions and reminded that it was completely “prohibited” to help facilitate crypto transactions.

The Central Bank also made it clear that if banks do not enforce the rule, they will be given harsh regulatory sanctions.

The Central Bank of Nigeria has ordered its national banks and all other financial institutions to close customer accounts linked to cryptocurrency use

For the first time, a central bank of a large country has publicly ordered the closing of citizens’ bank accounts for using cryptocurrencies. The ruling comes into effect immediately.

The Nigerian ruling is a sharp contrast with banking regulation in the U.S., for example, where banks themselves are allowed to run cryptocurrency nodes.

See reactions below:

1 COMMENT

Leave a Reply