Reps move to pass new law to recognize cryptocurrency as legal capital in Nigeria

According to the chairman of the House of Representatives Committee on Capital Market and Institutions, Babangida Ibrahim, the chamber will soon pass the Investments and Securities Act, 2007 (Amendment) Bill, allowing the Securities and Exchange Commission, SEC, to officially recognize cryptocurrencies and other digital funds.Information Guide Nigeria

Regarding the digital currency, the duties of the Central Bank of Nigeria, CBN, and SEC as regulatory agencies will also be outlined.

Recall that as a result of the EndSARS crisis that arose in the country in late 2020, the federal government took dramatic measures to restrict the trading and use of cryptocurrencies nationwide.

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The CBN ordered banks and other financial institutions to close the accounts of all businesses operating cryptocurrency exchanges, citing the illegality of dealing in cryptocurrencies and enabling payments using them.

Nevertheless, the prohibition had minimal effect on Nigeria’s trade volume, as the country retained its dominant position in the crypto trade across Africa.NYSC portal

Africa surpassed North America and became the continent with the highest volume of bitcoin peer-to-peer trading in the world, with $18,073,777 transacted in Local Bitcoins trade during the same time period the ban was enforced.JAMB portal

In its 2022 report, chain analysis revealed that Nigeria’s adoption rate increased, placing the country first in Africa and eleventh globally. In an interview with The Punch, Ibrahim maintained that Nigeria must embrace global economic innovation.

Like I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date global practices. In recent time, there are a lot of changes within the capital market, especially with the introduction of digital currencies, commodity exchanges and so many other things that are essential, that need to be captured in the new Act” Ibrahim stated.

The proposed legislation will be a key impetus for the adoption of cryptocurrencies in Africa’s most populous nation, since it would officially address the increasing usage of bitcoin in the country.JAMB Result



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