The apex bank in a statement said withdrawal from accounts meant for virtual and digital assets transactions, will only be possible by transfer or through a manager’s cheque.
The CBN announced the development in a document on “Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.”
The new guidelines specified that crypto currency accounts would not be used for any other purpose except for transactions on virtual/digital assets.
“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,” the guideline partly read.
The apex bank had in December issued a circular, directing banks to start aiding crypto transactions, saying it was more interested in regulation rather than the restriction of crypto assets from the formal banking sector.
