Regulation

Status of digital currency regulations in Nigeria

Nigeria

Nigeria

Country in West Africa

  • population:

    195,875,237 people

  • Area:

    923,768 square kilometers

  • Internet penetration:

    98,391,456 people

  • National currency:

    Nigerian naira

  • Type of government:

    Republic

  • President:

    Muhammadu Buhari

  • Capital:

    Abuja

  • Tongue:

    Nigeria

  • Economic Growth:

    1.81%

  • Digital Currency Legislation:

    Not subject to law

  • Digital Currency Tax:

    Prohibited

  • Digital currency payment:

    Prohibited

  • National digital currency:

    Prohibited

  • ICO:

    Not legislated

  • Anti-Money Laundering Rules for Crypto:

    has it

Status of digital currency regulations in Nigeria

Bitcoin is very popular in Nigeria. Nigerians are the second most searched word for bitcoin on Google. In January 2017, the Central Bank of Nigeria outlawed digital currencies. Earlier, the Deputy Governor of the Central Bank announced:

The central bank cannot regulate or control bitcoin, just as no one can control and regulate the internet, because we do not own it.

A central bank issued a directive banning other banks and government agencies from engaging in any digital currency activities. Banks were also barred from investing in digital currencies and related businesses. The directive also states that banks are required to ensure that digital currency exchanges comply with anti-money laundering and kyc policies. Businesses that deal in some way with digital currency services are subject to general rules depending on how they earn their income and what transactions and payments look like. There is still debate as to whether digital currencies should be considered a commodity and taxable.

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