Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations

2022-12-20 22:47

Nigeria plans to regulate cryptocurrency to be up to date with global practices. The African nation once banned the trading of crypto in 2021.

The Nigerian government might amend the Investment and Securities Bill 2007 to allow the recognition of cryptocurrency as capital for investment, according to the Punch report. The Central Bank of Nigeria (CBN) banned banks from facilitating crypto trades or serving crypto users in 2021.

Nigeria to Regulate Crypto to Stay up to Date With Global Practices 

Ibrahim Babangida, in an interview, mentioned that Nigeria must flow with global economic innovations. He is the former President of Nigeria and the current chairman of the House of Representatives Committee on Capital Markets and Institutions.

“We need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date with global practices. In recent times, there are a lot of changes within the capital market, especially with the introduction of digital currencies,” the chairman commented.

The community celebrates and believes it is time for the world of finance to step up its game.

Crypto Popular in Nigeria Despite the ban.

Nigeria banned trading cryptocurrencies in 2021. Despite the ban, the country ranks second highest in the search term “Bitcoin,” after El Salvador. 

Source: Google Trends

According to a BloombergOpinion source, Nigeria has the third highest crypto transactions in the world, with 56% of its adult population participating in the transactions.

Source: Bloomberg Opinion

Additionally, 20% of Nigeria’s Internet user has exposure to crypto. Due to such popularity, the CBN could not contain the crypto ban. 

Ibrahim Babangida said, “They are digital. That is why – if you remember – when cryptocurrency was initially banned in Nigeria, the CBN discovered that most of these investors don’t even use local accounts. So, they are not within the jurisdiction of the CBN. Because they are not using local accounts, there is no way the CBN can check them.”

Due to such reasons, they find it needful to review the Act and regulate cryptocurrencies. However, he further clarified that “It is not about lifting of the ban, we are looking at the legality.”

Got something to say about the Nigeria crypto regulations or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

The post Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Global Currency Reserve (GCR) на Currencies.ru

$ 0.0005018 (+0.16%)
Объем 24H $0
Изменеия 24h: 4.80 %, 7d: 64.03 %
Cегодня L: $0.0005018 - H: $0.0005018
Капитализация $53.699k Rank 1984
Доступно / Всего 107.011m GCR

global nigeria regulate cryptocurrency flow innovations economic

Источник: beincrypto.com

global nigeria → Результатов: 17


Фото:

Top cryptocurrencies that have mainstream adoption potential

Nigeria is set to pass a bill that can recognize Bitcoin (BTC/USD) as well as cryptocurrencies. The main goal is to keep up with global practices, and if the Investments and Securities Act 2007 (Amendment) Bill is signed into law, it could enable the local Securities and Exchange Commission to recognize cryptocurrency and other digital […] The post Top cryptocurrencies that have mainstream adoption potential appeared first on Invezz.

2022-12-19 16:17


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


Фото:

Moonday Mornings: Cryptocurrency market at 5-month high, Paxful under fire, and more

It’s Monday which means it’s time for a wrap-up of the weekends top cryptocurrency and blockchain headlines. Here’s Moonday Mornings for you. 1. The United Global Resolve For Peace is petitioning the Central Bank of Nigeria after thousands of the country’s residents claim to have been “defrauded” out of millions of dollars earned from trading cryptocurrencies on exchange service Paxful, The Guardian, a local Nigerian outlet reports.

2019-4-8 11:17


Bitcoin Curiosity Went Parabolic During Tuesday’s Massive Rally: Google

Google’s trend explorer shows that global searches for the keyword ‘bitcoin’ more than tripled during Tuesday’s massive rally. Bitcoin Searches Spike as Crypto Market Booms While the precise number of searches was not available, Google’s backend algorithms determined Tuesday’s search volume by comparing it with the number of queries over time.

2019-4-3 22:16


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Has Central Bank of Nigeria Declared War on Binance P2P Trading?

The Central Bank of Nigeria (CBN) is suspected of manipulating Binance's peer-to-peer exchange rates, causing USDT to fall 30% against the Nigerian Naira. The post Has Central Bank of Nigeria Declared War on Binance P2P Trading? appeared first on BeInCrypto.

How Nigeria Plans to Win Over Share of Potential $15 Trillion AI Market

Nigeria is developing a national AI strategy to tap into the potential $15 trillion AI market by 2030. The country is also working on a National Blockchain Policy to boost its digital economy. The post How Nigeria Plans to Win Over Share of Potential $15 Trillion AI Market appeared first on BeInCrypto.