Exploring the Benefits of Web 3.0 Blockchain Projects for Nigerian Banks

Central Bank of Nigeria (CBN) Lifts Restrictions on Cryptocurrency Transactions

In 2021, the Central Bank of Nigeria (CBN) implemented a comprehensive ban on banks engaging with digital currencies. However, nearly two years later, the CBN has now lifted these restrictions and is allowing Nigerian banks to facilitate cryptocurrency transactions.

In a Dec. 22 circular sent to banks, the CBN acknowledged the growing global demand and adoption of crypto, deeming the restrictions placed on financial institutions to be unjustified. The statement further outlined the guidelines to establish minimum standards and requirements for virtual asset service providers (VASPs) in Nigeria.

The CBN’s move is part of the larger trend of web 3.0 adoption, which is expected to revolutionize the creator economy and make money web 3.0. As blockchain web 3.0 projects continue to gain momentum in 2021 and 2022, the CBN’s decision is a major step forward for the web 3.0 design standards.

Web 3.0 Blockchain Projects 2021 and 2022

The guidelines of the banking industry aim to ensure strong risk management practices regarding the activities of licensed VASPs. Nevertheless, financial institutions are still forbidden from trading, transacting, or holding cryptocurrency in their own accounts.

In February 2021, the Central Bank of Nigeria imposed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. Recently, the local blockchain industry called on the Nigerian government to implement regulations that will foster the widespread adoption of the approved web 3.0 blockchain policy.

Make money web 3.0 and explore the creator economy with web 3.0 design standards and technology AI. Web 3.0 blockchain projects 2021 and 2022 are the next step for blockchain web 3.0.

Obinna Iwuno, the president of the Stakeholders in Blockchain Association of Nigeria (SiBAN), recently highlighted the importance of setting up a regulatory structure to accelerate the integration of blockchain technology into various industries.

Iwuno told Cointelegraph that Nigeria is well-prepared to embrace web 3.0 blockchain projects 2021 and 2022, as well as the web 3.0 creator economy, web 3.0 banking, and web 3.0 design standards:

“Nigeria is ready to make money with web 3.0 and adopt web 3.0 blockchain technology, which is the future of the internet.”