CBN bars crypto bank account operators from cash withdrawal
Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central of Nigeria has disclosed.
Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.’
According to the bank, an account opened under its new guidelines will only be used for transactions on virtual/digital assets and not for any other purpose.
The guideline read in part, “No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared from the account. Except for settlement of a virtual/digital assets transaction which shall be done through a transfer to another designated account, the withdrawal shall be only through a managers’ cheque or transfer to an account.”
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