- Reports indicate Nigeria will support cryptocurrency.
- Nigerian ex-president wants Investment and Securities Act 2007 to come into law.
- The Central Bank of Nigeria will review its 2019 crypto bank upon amendment approval.
Despite an issued cryptocurrency ban by the Nigerian government in 2019, the popularity of cryptocurrency, specifically Bitcoin has been rising ever since. Nigerians, who still actively engage with crypto-related activities as per recent data, are seeking financial independence through digital currency.
According to a report from The Punch News where they interview the House of Representatives Committee on Capital Markets chairman Babangida Ibrahim, cryptocurrency will be recognized as a capital investment by the Nigerian Securities and Exchange Commission, in the case that the Investment and Securities Act 2007 Bill gets passed into law.
Babangida added that it is time for Nigeria to update itself with growing developments in the capital market, and adopt an efficient and energetic capital market by embracing global practices.
In 2019, the Central Bank of Nigeria (CBN) banned cryptocurrency-related interactions forcing banks in the country to shut crypto accounts, alongside pushing local crypto exchanges and service providers to discontinue operations.
However, the former president of Nigeria doesn’t support the ban. He highlights that passing an amendment to the law will not guarantee full relief from the ban. Nevertheless, Babangida argues that it will allow the CBN to review crypto’s legality.
Moreover, once the Investment and Securities Act of 2007 amendments is approved, the Central Bank will be able to monitor crypto investors as well as foreign accounts that are outside of the Nigerian jurisdiction. In addition, the bill will enable transparent regulations for the CBN and the Nigerian SEC when it comes to analyzing cryptocurrencies and virtual assets.
The government is also actively pursuing measures to instigate interest in Bitcoin in the minds of Nigerian citizens. Recently, Nigeria ranked number one for the highest Bitcoin curiosity.
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