After banning crypto usage in early 2021, Nigeria may soon pass a bill recognizing Bitcoin and other cryptocurrencies in order to develop an efficient capital market and avoid falling behind with global practices.
reported
The report stated that if the Investments and Securities Act, 2007 Bill is signed into law it would allow the local Securities and Exchange Commission to “recognize cryptocurrency and other digital funds as capital for investment.” “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 [with] global practices.”when the Central Bank of Nigeria ordered Nigerian crypto exchanges and service providers to cease activity and mandated banks to shut down the accounts of any individuals or entities found to be engaging in trading activities.
“It is not about [the] lifting of the ban, we are looking at the legality: what is legal and what is within the framework of our operations in Nigeria.”
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