Nigeria’s Apex bank, the Central Bank of Nigeria (CBN) has announced plans to come up with a regulatory framework that will guide cryptocurrency adoption in the country.
This change of sides is coming nearly two years after the CBN barred banks from facilitating cryptocurrency transactions in the country.
The CBN had earlier claimed that cryptocurrencies issued by unregulated firms could be used to finance terrorism and also used in money laundering.
It also said that the use of cryptocurrency in the country goes against existing laws.
In the report on Nigeria’s Payments System 2025, the CBN said that it will work with the country’s Securities and Exchange Commission (SEC) to develop a regulatory framework in the event of crypto adoption of an ICO-based investment solution.
Last month, news broke that the country’s legislators were looking to passing a new bill that will recognize and legalize cryptocurrencies.
According to the country’s Capital Market and Institutions Committee, the passage will relax already existing restrictions placed by regulators.