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The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.
It stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.
This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ issued on Friday, 5th February 2021. .
“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
“Please, note that breaches of this directive will attract severe regulatory sanctions. The letter takes immediate effect.”
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