The post CBN Lifts Banking Ban on Virtual Asset Service Providers! appeared first on Coinpedia Fintech News
The Central Bank of Nigeria (CBN) has lifted the banking ban on virtual asset service providers (VASPs) that had been in place since February 2021. The decision, announced in a circular signed by the Director of Banking Supervision, Haruna Mustapha, allows VASPs to operate bank accounts for the receipt and disbursement of funds on behalf of their customers. However, banks and other financial institutions are still prohibited from holding, trading, or transacting virtual currencies on their accounts. The move is seen as a positive step towards promoting financial innovation and inclusion in Nigeria’s rapidly growing digital economy.