We previously reported that India’s Parliament was going to be considering legislation that would largely ban the use of private cryptocurrency. Bloomberg is now reporting that cryptocurrency investors in India will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. While banning cryptocurrencies, the Indian government will allow the use of technology underlying the cryptocurrency for research. We also reported on the strict steps the…
In a February 5, 2021 letter, the Central Bank of Nigeria (CBN) warned all banks in the country that that they are prohibited from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges. Thus, all banks and other financial institutions were directed to identify persons transacting in or operating cryptocurrency exchanges and make sure that such accounts were closed. The letter included a warning that breaches of the directive would “attract severe regulatory sanctions.” After…