Previously, Tori4africa reported that Tension as CBN directs banks to close accounts related to cryptocurrencies
This has been the talk of the season,due to the fact that many Nigerian citizens are involved in Crypto related businesses.
Not until today 18th February, In a statement, the Securities and Exchange Commission (SEC) said!!
For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.
However this statement came because, CBN ordered financial institutions in the country to close accounts related to cryptocurrencies, saying that the transactions posed risks her economy.
There were lots of comments and complaints that necessitated SEC’s statement,due to the fact that the public complained that there is a conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020, and the Central Bank of Nigeria (CBN) Circular of February 5, 2021.
Topnaija.ng reported that, according to SEC, the statement was made at the time, to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows while Central Bank has identified certain risks, which if allowed to persist, will threaten investor protection.