Daily Archives: 15/06/2021

Central Bank of Nigeria will begin testing digital naira by the end of 2021

The head of the IT security department of the Central Bank of Nigeria, Rakiya Mohammed, announced that the regulator will begin testing its own digital currency this year. Mohammed explained that the digital currency of the Central Bank of Nigeria will act as a supplement to the state currency – Nigerian Naira, and also be used to ease restrictions on foreign exchange transactions in the country. However, the policy of the central bank to protect…

South Korea banned banks from servicing exchanges without following the KYC and AML rules

The Financial Services Commission of South Korea (FSC) has demanded that local banks stop providing services to traders and trading platforms that do not comply with KYC and AML procedures. According to the FSC, there are 60 cryptocurrency exchanges operating in the country today. Of these, only four are AML compliant using accounts with real names. Therefore, on June 9, the Financial Intelligence Unit of South Korea (FIU) held a meeting at which it stated…