Nigeria’s SEC Puts Plans to Regulate Crypto on Hold in Light of Central Bank Ban

The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest of every citizen of the country.” President Muhammadu Buhari’s Written Approval The Central Bank of Nigeria (CBN) has insisted its recently announced plan to issue newly designed naira banknotes is above board and “12 years....

The Belgium Central Bank - aptly named the National Bank of Belgium - reportedly has no plans to regulate bitcoin in the foreseeable future. That's according to the Belgian Bitcoin Association (BBA_, who met with the central bank informally last Monday. In a statement produced by the Association and published by CoinDesk, the BBA said "There are currently no plans for new regulations in Belgium that would allow the [National Bank of Belgium] to take a more intervening stance - though future regulations to that effect cannot be excluded". It should be noted that due to the informal nature....

Nigeria’s securities regulator has backed the central bank’s crypto ban by suspending its planned regulatory framework for digital assets. The Nigerian Securities and Exchange Commission has put its plans for regulating cryptocurrencies on hold following the recent ban by the central bank prohibiting financial institutions from servicing crypto exchanges.In an emailed statement quoted by the Daily Post on Friday, the SEC stated:“For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February....

Nigeria’s central bank has a message for domestic financial firms and institutions: don’t touch virtual currencies. The Central Bank of Nigeria’s Financial Policy and Regulation Department has released a new circular advising banks not to "use, hold and/or transact in any way" with the technology. The document cites bitcoin, onecoin, monero and dogecoin as examples, noting that banks that opt to handle digital currencies “do so at [their] own risk”. Notably, the circular also calls for banks to keep tabs on any customers they may have that operate digital currency exchanges.....

The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April. Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency.In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central....