The Nigerian Federal Government may soon lift its ban on cryptocurrency following its recently announced blockchain policy according to Economic and blockchain experts in the country.
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According to the newly approved National Blockchain Policy, “The Nigerian Government recognises cryptocurrency as one of the components that will catalyse the adoption of blockchain technology.
“Hence, the Nigerian Government, through this policy, provides a framework for the use of cryptocurrencies, among others, which can help to mitigate risks such as money laundering and fraud. This can help to build trust in cryptocurrency and make it more accessible to businesses and individuals in Nigeria.”
This is despite a 2021 Central Bank of Nigeria ban on crypto transactions.
According to the apex bank, crypto assets are used for illegal activities, including money laundering, terrorism financing, the purchase of small arms and light weapons, and tax evasion.
However, stakeholders who spoke with commented on the issue, expected CBN to change its stance and lift the ban on crypto because of the blockchain policy.
Also Read: Nigerian Government Approves National Blockchain Policy.
Commenting on the issue, the Lead Partner and Head of Blockchain and Virtual Asset Practice at Infusion Lawyers.
Senator Ihenyen, stated that despite the CBN’s stance, cryptocurrencies were not illegal in Nigeria since the National Assembly had not passed any law to illegalise or criminalise the digital assets.
