How Nigeria and India Are Dealing With Crypto Bans
Two of the world’s ten most populous countries have or are considering crypto bans: Here’s what it means.
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India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
Nigerians have resorted to peer-to-peer trading after the Central Bank of Nigeria banned regulated institutions from dealing with bitcoin in February.
Nigeria's central bank has prohibited commercial banks from providing account services to crypto exchanges. The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country.The prohibition was contained in a circular issued by the CBN on Friday. According to the central bank's notice, the ruling is an extension of earlier warnings from the bank about the risks associated with virtual currencies.Source: TwitterAs part of the ban, the CBN has directed all commercial banks to close accounts belonging to crypto....
Recent amendments to India’s Companies Act will see firms in the country include their crypto involvement in all public financial reporting. While the legal status of cryptocurrencies remains undecided in India, companies in the country involved in virtual assets must now report their activities as part of their financial statements.The new rule follows amendments made by the country’s Ministry of Corporate Affairs to Schedule III of the 2013 Companies Act.According to the document published on Wednesday, Indian firms both public and private that have invested or traded in crypto during....