The Central Bank of Nigeria (CBN) has issued a memo to all banks and financial institutions that lifted its ban on bitcoin and outlined new guidelines for virtual asset service providers in Nigeria, setting the scene for a rush of exchanges and cryptocurrency service providers eager to service the nation. This memo was a long-awaited reversal of the agency’s February 2021 ban on banks and financial institutions dealing in or facilitating transactions in crypto assets. At the time, the CBN felt the concerns over money laundering and terrorism financing outweighed the benefit of digital assets. …

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