Bybit shuts down in UK after regulator warning
Users of the digital currency derivative platform in the U.K. have until March 31 to close all their positions and withdraw their balances, according to Bybit.
Users of the digital currency derivative platform in the U.K. have until March 31 to close all their positions and withdraw their balances, according to Bybit.
Despite thriving for years now, Nigeria’s digital currency industry faces its biggest threat yet following a central bank ban that has denied it basic banking services.
Speaking at a recent event, Yemi Osinbajo rebuked the recent ban on digital currencies, advocating for Nigerian authorities to regulate the industry.
The Central Bank of Nigeria believes the recent ban on digital currencies was in the best interest of the public, says its governor.
Reserve Bank of India Governor Shaktikanta Das said the central bank has “major concerns” regarding digital currencies.
India’s securities regulator has said firms will be expected to sell off any holdings in digital currency before going public with an IPO.
The measures would apply from the 2020-21 tax year, and are expected to be brought in by a circular, according to reports.
With its new decree, the government is further seeking to stamp out cryptocurrency token sales completely, according to local reports.
Senators want the Central Bank of Nigeria governor to brief its Banking Committee on why it ordered banks to shut down digital currency-related accounts in the country.
The ban will reportedly be enforced in phases, giving digital currency owners the opportunity to sell all their holdings.
The “Cryptocurrency and Regulation of Digital Currency Bill 2021” was proposed recently by the Indian government.
Digital currency firms in Nigeria will now face a challenge that’s common in many other developing nations—the lack of basic banking services, Steve Kaaru writes.