Nigeria 7 Things to know Nigeria Bitcoin

Nigerian Government is ready to enter cryptocurrency Bitcoin once again.

7 Things to know Nigeria cryptocurrency

Nigeria is ready to pass bill on Bitcoin recognition and cryptocurrencies. Nigerian Govt. will soon implement law to recognize the usage of bitcoin and other cryptocurrencies.

News was reported by Nigerian Newspaper on December 18, 2022 in an interview on Capital Markets chairman Babangida Ibrahim. Local Securities and Exchange Commission will recognize cryptocurrencies and other digital funds on approval of this new bill. Bill is an amendment of Investments and Securities Act, 2007.

Credit – Getty images

Babangida Ibrahim statement on Cryptocurrency

7 Things to know Nigeria cryptocurrency

“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.”

Nigeria Banned cryptocurrency earlier

Earlier Nigeria banned crypto activity in Feb. 2021 by Central Bank of Nigeria (CBN). The new report comes after 2 years of ban on cryptocurrency activity.

“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.”

Reason of Banning Cryptocurrency by Nigerian Government earlier

(7 Things to know Nigeria cryptocurrency)

CBN banned crypto activity due to non-usage of local accounts by investors. CBN reported, there is no way to check them because investors do not fall in CBN jurisdiction.

Another Reason

Nigerians also have shown no interest in Nigeria’s Central Bank Digital Currency (CBDC), the eNaira. Only 0.5% adoption in year, which forced Nigeria’s Government to review on Cryptocurrencies.

Nigerians only trialed the US in Bitcoin trading volume from January to August 2021. Residents of Nigeria googled “Bitcoin” of US than any other country. Nigerians are the Most crypto-curious nation – reported by CoinGecko.

Roles of CBN and SEC after law implementation

On implementation of law, it will outline the regulatory roles of Central Bank of Nigeria and Nigeria’s Securities Exchange Commission (SEC).

Recently, Nigeria also entered into early-stage discussion with Binance (Cryptocurreny Exchange) in Sept. 2022. It will develop crypto-friendly economic zone to support crypto and blockchain-related businesses in the region.

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