Browsing: Cryptocurrency Adoption

Nigeria lifts ban on cryptocurrency transactions

Nigerian Central Bank lifts restrictions on Crypto transactions

Tech & Business
  • The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions. 
  • Nigeria has emerged as a leader in cryptocurrency adoption in Africa, with an estimated 22 million cryptocurrency owners.
  • The growing trend of cryptocurrency ownership in Africa reflects the continent’s increasing adoption of digital assets.

Nigeria lifts ban on cryptocurrency transactions

The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions, a move that is expected to reshape the country’s digital economy landscape. This decision comes after a two-year restriction, reflecting a broader trend toward the adoption and regulation of cryptocurrencies globally.

According to a circular issued on December 22, 2023, signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at CBN, the bank has directed all financial institutions to comply with new operational …

The Central Bank of Tanzania (BoT) is planning in creating its own digital currency. This is not the first time Tanzania has expressed interest in a digital currency. www.theexchange.africa

Tanzania going round in circles over cryptocurrency adoption

Tech & Business

Since Tanzania is still conducting research on cryptocurrencies, rules to govern the sector will be issued after research on crypto is complete. Currently, Tanzania has no regulations for cryptocurrencies and those trading in the sector have been urged to be cautious.
However, there is no timeframe for when regulations will be issued.
In June, President Suluhu asked the country’s financial leaders to prepare for crypto and blockchain as the country drops its conservatism and flies its doors open to the new era of digital currency.…