All you need to know about CBN’s stand on Crypto transactions in Nigeria

Dear Partners,

We have been following the news about the central bank of Nigeria’s position on cryptocurrency transactions in the country. To give you a little refresher here is where you will find the official notice from the CBN.

If it was too long and you didn’t read it, here is a summary;

The CBN has stopped banks and fintechs from facilitating cryptocurrency transactions and attributed the decision to the volatility of cryptocurrencies and other illegal activities that utilize crypto.

Providus bank stopped its virtual account service

It is true that Providus Bank has stopped its virtual account service and merchants like Bitmama will no longer be able to create new virtual accounts or have access to the service.

How does this affect you and your funds?

Well, we can confidently inform you that your funds are very safe and we are working on new ways to transact across our platform (Bitmama).

The ban has made deposit and withdrawal of Naira very challenging but we are working to create new ways to ensure you can fund and withdraw from your accounts with relative ease.

Does this mean I can’t buy Crypto anymore?

No. No one can ban crypto because it’s a decentralized currency that is not regulated by any central body but is backed solely by proven and intractable mathematical methods and sound economic principles. However, governments can create policies that might limit their access and reach.

As stated in the CBN circular, we truly share the government’s concerns in protecting the people from speculative risks in the handling of volatile cryptocurrencies. But as we have other understanding of the modern use-cases and benefits of cryptocurrency, we strive to provide our relentless services in enabling and fostering the developments in those areas.

You can still buy and sell crypto using other methods such as peer-to-peer (P2P) transactions and stablecoins. Click here to learn how.

We are currently working on new payment methods for this and we will communicate this across to you soon.

We are aware of the loads of information and misinformation out there which may cause you to panic at times like this. Our customer channels are always opened should you need to contact us.

From the Bitmama team

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