The Central Bank of Nigeria (CBN) has lifted its ban on Bitcoin and has introduced new guidelines for virtual asset service providers, marking a significant shift in the country’s approach to cryptocurrencies. This decision follows a ban initiated in February 2021 over worries about money laundering and terrorism financing. In May 2023, the Securities and Exchange Commission of Nigeria introduced a more nuanced strategy, aiming to strike a balance between regulating digital assets and acknowledging their potential advantages. Now, after a short wait, it is now legal to own cryptocurrencies in …

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