The Central Bank of Nigeria (CBN) has revealed that cash withdrawals will be prohibited from accounts specifically opened for virtual and digital assets transactions.


The apex bank clarified that withdrawals from these accounts would only be permissible through transfer or by utilizing a manager's cheque, as outlined in the newly introduced 'Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.'


Under the new guidelines, accounts opened in accordance with CBN's directives can solely be utilized for transactions related to virtual/digital assets and are explicitly restricted from any other purposes.


The guideline explicitly states, "No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared from the account." It further specifies that withdrawals can only be facilitated through a manager's cheque or a transfer to another designated account for settling virtual/digital assets transactions.


This regulatory move comes in the wake of a December circular titled 'Circular to all banks and other Financial Institutions guidelines on operations of bank accounts for Virtual Assets Service Providers,' wherein the CBN signaled a shift in its approach to crypto assets.


Full Story:



https://naijaupdate.ng/cbn-enforces-restrictions-on-crypto-bank-account-operators-bars-cash-withdrawals/

In as much as I can transfer, that's fine with me.

We support any policies that will help the economy.

MrPADDY:
We support any policies that will help the economy.