Cryptocurrency News: According to reports from a Nigeria-based newspaper, Nigeria is in the process of legalizing Bitcoin and other cryptocurrencies to keep pace with the growing digital market.
The Nigeria-based newspaper had an interview with the representative of the Capital Markets House of Committee. He stated that as the amendment bill of Investments and Securities Act, 2007, the cryptocurrencies and other digital money will be recognized as investment capital.
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Capital Markets Chairman Bangida Ibrahim said:
“As I said earlier at second reading, we need an efficient and vibrant capital market in Nigeria. To do that, we need to be up to date [with] global practices.”
Ibrahim, former president of Nigeria was quoted as saying:
“It’s not about lifting the ban, we’re looking at legality: what’s legal and what’s within the scope of our operations in Nigeria.”
He also added that it is not a U-turn, but a good way to regulate cryptos in the country.
In February 2021, the Nigerian government banned any kind of crypto activity in the country, including trading. The Central Bank of Nigeria has ordered people to close accounts of banks found to be trading digital currencies.
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However, CBN later realized that these individuals were not trading on local accounts. So it is not possible for the bank to monitor and completely ban the trade. Bitcoin was the most Googled word in Nigeria, compared to any other country. In fact, it lagged behind the US in terms of Bitcoin trading. People adopted the cryptocurrencies more since the ban.
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eNaira, CBN has issued this currency as a digital currency for Nigeria. Nevertheless, it saw an adoption rate of just 0.50% over the past 12 months. This data shows that people are clearly not interested in it.
According to a survey by CoinGecko, in April this year, Nigerians are the most crypto-curious people. This may be due to rising inflation and other economic disruptions. In September 2022, Nigerians were also in talks with Binance to make it a crypto-friendly nation and facilitate the movement of digital currencies.
Shourya is a crypto enthusiast who has developed an interest in corporate journalism in recent years. Shourya currently works as a writer at Coingape and is also an avid reader. Besides writing, you can see her at poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first dog rescue was at age 7! She has continuously spoken out in favor of mental health and rainbow pride.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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