cbn, CBN crypto ban, Central Bank, Centralized Exchanges, Crypto regulation, Godwin Emefiele, peer to peer trading

A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.

Prohibition Only Applies to Banks

The remarks by Lamtek, who spoke on behalf of the CBN governor Godwin Emefiele, follow the central bank’s February 5, 2021, directive which prohibited banks from facilitating crypto-related transactions. Immediately following the announcement, financial institutions began to comply with the directive. Since then volumes on centralized crypto exchanges have plunged while reports suggest that volumes on peer to peer platforms are on the rise.

In the meantime, before the latest communication from the CBN, rumours circulated that authorities would soon clampdown on peer to peer trading like Binance’s P2P platform. However, Lamtek, who spoke at a seminar for the country’s finance correspondents and business editors, clarified that the CBN directive did not in fact ban cryptocurrency trading.

Meanwhile, after the CBN ordered banks to stop facilitating crypto transactions, many leaders from Nigeria’s blockchain and fintech space reacted by expressing their opposition. One of these leaders, Adedayo Adebajo, the Managing Director at Jelurida Africa DLT, tells Bitcoin.com News that after extensive deliberations, many were in favour of regulating the industry rather than a total ban.

CBN Has No Power to Stop P2P Trading

As previously reported by Bitcoin.com News, this CBN prohibition has been opposed by non-crypto parties that include members of the Nigerian Senate as well as the country’s Vice President, Yemi Osinbajo. Now, according to Adebajo, this latest CBN stance on cryptocurrencies could well be a response to the voices that are opposed to a complete ban. Adebajo said:

While the CBN is not in a position to stop peer-to-peer trading, Adebajo however believes this latest clarification to be “a way forward one which we all hope with continuous effort to regulate the industry, adoption will be broad and fast.â€

What do you make of the CBN’s clarification that crypto trading is not banned? Tell us what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Kenyan Banks Warn Clients Against Crypto Trading

A few Kenyan banks have started sending out warning alerts to clients engaged in cryptocurrency trading to be wary of the associated risks. These warnings have reportedly been sent to clients who have “used their credit and debit cards to buy cryptocurrencies on crypto exchanges.†Crypto Trading Risks According to a local report, one of […]

Xem chi tiết: Kenyan Banks Warn Clients Against Crypto Trading

Kenyan Banks Warn Clients Against Crypto Trading

A few Kenyan banks have started sending out warning alerts to clients engaged in cryptocurrency trading to be wary of the associated risks. These warnings have reportedly been sent to clients who have “used their credit and debit cards to buy cryptocurrencies on crypto exchanges.†Crypto Trading Risks According to a local report, one of […]

Xem chi tiết: Kenyan Banks Warn Clients Against Crypto Trading

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. “We haven’t figured out in the country or in the world how to trace cryptocurrency,†one senator said, adding that “We’ve got to do a better job here.†Senators Urge Lawmakers […]

Xem chi tiết: US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency. The announcement came from the international economic forum in Saint Petersburg where the central bank of Russia reaffirmed its intention to replace “dirty†and “infectious†paper cash with the digital ruble that’s currently under development. Russia’s Kalashnikov Concern Looks Forward […]

Xem chi tiết: Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.†However, before its release into circulation, the digital currency—which is also known as the “e-cediâ€â€” will first have to go “through three phases.†Bank of Ghana’s Embrace of Emerging Fintechs In his […]

Xem chi tiết: Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.†However, before its release into circulation, the digital currency—which is also known as the “e-cediâ€â€” will first have to go “through three phases.†Bank of Ghana’s Embrace of Emerging Fintechs In his […]

Xem chi tiết: Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report. A failure to offer a digital currency would endanger financial stability, ECB warns. The regulator is concerned about the prospect of tech giants dominating payments through their “artificial currencies.†Eurozone’s […]

Xem chi tiết: ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

BNY Mellon Sets Up Crypto Unit in Ireland as Central Bank Says Bitcoin Is ‘of Great Concern’

Central Bank of Sweden Invites Financial Market Actors for Second Phase of E-Krona Pilot

Nigeria’s Naira Loses Ground on Forex Black Market Just a Few Days After Devaluation

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors