Cryptocurrency Regulation in Niger Prior to 2024

As of 2023, the legislative landscape for cryptocurrencies in Niger was largely undefined. In this West African nation, the status of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others remained in a grey area, with no specific laws either prohibiting or regulating their use. The Central Bank of Niger had not officially recognized these digital currencies as legal tender, contributing to the uncertainty surrounding their legal status​​.

In the absence of explicit cryptocurrency laws, general laws relating to fraud, money laundering, and cybercrime could potentially apply to cryptocurrency activities, especially if used for illicit purposes. However, with no set penalties specifically for the misuse of cryptocurrencies, the law enforcement agencies in Niger were still grappling with understanding and addressing the challenges posed by these digital assets​​.

There were no specific regulations in Niger concerning the use, trading, or mining of cryptocurrencies. The Central Bank of Niger had not issued any guidelines for cryptocurrency operations, and the government had yet to develop a regulatory framework for cryptocurrencies. This lack of regulation meant that Nigeriens engaged in cryptocurrency trading and usage at their own risk​​.

Cryptocurrency trading, while not illegal, operated in a legal grey area. Without regulation or legal protection, traders and investors in Niger faced a high degree of uncertainty and risk. The Central Bank of Niger had issued warnings about the risks associated with cryptocurrency trading but stopped short of implementing a ban or restriction​​.