Nigeria Might Support Bitcoin And Cryptocurrencies, New Report Shows

2022-12-19 14:30

The cryptocurrency market and bitcoin popularity in Nigeria have been rising in recent years. Despite the ban on crypto trades by the government in 2021, Nigerians continued to engage in cryptocurrency-related activities. Most citizens became more interested in crypto to gain financial freedom.

A report released by The Punch News after interviewing the House of Representatives Committee on Capital Markets chairman Babangida Ibrahim said that the Nigerian Securities and Exchange Commission will recognize cryptocurrencies as a capital investment if an amendment to the Investment and Securities Act 2007 Bill is passed into law.

Nigerian Capital Market Must Align With Global Practices, Ibrahim Babangida

Ibrahim Babangida said there is a need for Nigeria to keep pace with the trends and developments in the capital markets. In his words, Nigeria needs an efficient and energetic capital market, and to achieve that, the country must align with global practices.

This development came about two years after the Central Bank of Nigeria (CBN) banned crypto activities, mandating banks to shut crypto-related accounts. In addition, the CBN also ordered local crypto exchanges and service providers to stop operations.

However, Ibrahim Babangida is of a different opinion. The ex-president of Nigeria insists that passing the law doesn’t mean a total lift on the ban but a review of which part of crypto is within the CBN’s scope. Ibrahim believes the law will help them review the legality of crypto.

He further explained that the CBN could not monitor crypto investors initially because most of the accounts were foreign and outside its jurisdiction. However, all that will change upon approval of the Investment and Securities Act of 2007 amendments.

Aside from legalizing cryptocurrencies, there will be a clear regulatory outline on how the CBN and the Nigerian SEC will oversee digital assets. The deliberations come as Nigerian Central Bank Digital Currency receives a low adoption rate of 0.05% 12 months after its launch.

Curiosity Continues to Rise Among Nigerians Amid  Bitcoin And Crypto Ban

Efforts by the government to enforce its crypto ban have proved futile as the bitcoin curiosity of Nigerian increased. According to an April study by CoinGecko, Nigeria ranked first among countries with the highest bitcoin curiosity.

Despite the crypto ban in February 2021, bitcoin adoption continued to rise. Nigeria followed closely behind the United States in bitcoin trading volume from January to August 2021.

Nigerians have continuously explored alternatives to dodge inflation and Naira devaluation, hence the increased interest in crypto. In September, Nigeria started discussions with Binance to create a crypto-friendly ecosystem to facilitate digital assets and blockchain-related businesses in the country.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62963.2 (-0.27%)
Объем 24H $25.417b
Изменеия 24h: 2.91 %, 7d: 6.66 %
Cегодня L: $62516.25 - H: $63319.2
Капитализация $1240.233b Rank 1
Цена в час новости $ 16606.63 (279.14%)

nigeria bitcoin trades activities crypto ban 2021

Источник: bitcoinist.com

nigeria bitcoin → Результатов: 126


Фото:

Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States

Bitcoin and gold holder Dan Tapiero, says it is still early to talk of widespread crypto adoption as the proportion of users relative to the rest of the population remains low. Tapiero makes the remarks while referring to a study, which places Nigeria at top of the list of countries with the highest number of […] The post Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States appeared first on Bitcoin News.

2020-10-20 08:30


Фото:

Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account

A Nigerian protest group called Feminist Coalition is asking well-wishers to make donations via bitcoin after authorities reportedly blocked the organization’s bank account. Feminist Coalition is one of the many groups spearheading protests against alleged police brutality by a Nigerian police unit, the Special Anti-Robbery Squad (SARS).

2020-10-15 10:45


Фото:

Nigerians Using Bitcoin for International Trade Despite Regulatory Uncertainties 

Bitcoin (BTC), the world’s flagship cryptocurrency is rapidly gaining traction around the world as a tool for international trade and commerce. Several forward-thinking businessmen in Nigeria are now using the blockchain-based digital currency to scale the hurdles of foreign exchange in the region, according to a report on August 13, 2020.

2020-8-14 23:07


Фото:

Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira

If there’s a place where cryptocurrencies draw significantly more attention than anywhere else right now, it has to be Nigeria. Africa’s largest economy is driven by its oil exports, expanding manufacturing, financial services, communications and information technology sectors, but also by a tech-savvy generation that asks Google about Bitcoin more than its peers in other […] The post Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira appeared first on Bitcoin News.

2020-3-8 11:05


Фото:

Bitcoin Usage in Nigeria Surging Despite Govt. Caveats

The Central Bank of Nigeria (CBN) has warned that bitcoin and digital currencies are not legal tenders but Nigerians don’t seem to care.   Bitcoin Adoption Rising Despite Apex Bank, Senate Warnings In its December 2019 edition of ‘The Nigerian Banker’, the Chartered Institute of Bankers of Nigeria (CIBN) highlighted how bitcoin is booming in Nigeria, despite the central bank’s anti-crypto stance.

2019-12-9 22:33


Фото:

Man With a Mission: Jack Dorsey Wants to Bring Bitcoin Adoption to Africa

For the last month, Twitter and Square CEO, Jack Dorsey, has been going around Africa to understand the state of the region, most likely from a financial services and payment perspective. According to Forbes, Dorsey met Bitcoin business owners at a meetup in Nigeria and subsequently tweeted that Africa will define the Bitcoin future, DecemberRead MoreRead More.

2019-12-3 16:00


Twitter CEO, Cash App Eyes Bitcoin Hot Spot in November as Africa Crypto Expansion Plans in the Works

Twitter CEO in Africa Dorsey is in Africa and specifically in Ghana. That is after spending several days in Nigeria, where he met with entrepreneurs majoring in technology. His journey to both countries included small Bitcoin meetups with innovators and founders of startups that look to push for the adoption of Bitcoin in both countries. […]

2019-11-13 19:31


Фото:

Nigeria: Speaker of the House of Reps Believes in Cryptocurrency and Blockchain

Nigeria’s Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, has said that the proliferation of bitcoin (BTC), altcoins and distributed ledger technology (DLT) into the global financial ecosystem has made it quite critical for the most populous nation in Africa to formulate amenable regulations for its cryptospace in order not to be leftRead MoreRead More.

2019-7-24 17:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Nigerian officials sought secret crypto settlement, Binance CEO says

Binance CEO Richard Teng claims officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of this shocking development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan.

Nigeria to remove Naira from P2P trading platforms to curb currency manipulation

The Nigerian government has revealed intentions to delist the national currency, the Naira, from all peer-to-peer (P2P) trading platforms. Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), reportedly revealed this plan during a virtual meeting with the country’s blockchain stakeholders today as part of a wider effort to combat the […] The post Nigeria to remove Naira from P2P trading platforms to curb currency manipulation appeared first on CryptoSlate.