Nigeria to Pass Crypto and Bitcoin Legalization Bill

Cryptocurrency News: According to reports from a Nigerian newspaper, Nigeria is in the process of legalizing Bitcoin and other cryptocurrencies to keep up with the growth of the digital market.

The Nigerian newspaper had an interview with the representative of the House of Capital Markets Commissions. He said that if the Investment and Securities Amendment Bill 2007, cryptocurrencies and other digital currencies would be recognized as investment capital.

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Chairman Bangida Ibrahim of Capital Markets said:

“As I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. To do this, we need to be up to date [with] global practices.

Ibrahim, former President of Nigeria, reportedly said:

“It’s not about lifting the ban, we’re looking at the legality: what’s legal and what’s within the scope of our operations in Nigeria.”

He also added that this is not a U-turn on the ban, but a good way to regulate cryptos in the country.

In February 2021, the Nigerian government banned all kind of crypto activity in the country, including trading. The Central Bank of Nigeria has ordered to close the accounts of people in banks who trade digital currencies.

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However, CBN later realized that these people were not trading on local accounts. Thus, it is not possible for the bank to follow the trade and ban it altogether. Bitcoin was the most searched word on Google in Nigeria compared to any other country. It only trailed the United States in terms of Bitcoin trading. People have embraced cryptocurrencies more, since it was banned.

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eNaira, CBN has issued this currency as a digital currency for Nigeria. Nevertheless, it has only seen an adoption of 0.50% in the last 12 months. This data shows that people are clearly not interested in it.

According to a study by CoinGecko, in April this year, Nigerians are the most crypto curious people. This could be due to rising inflation and other economic disturbances. 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 fanatic who has developed an interest in business journalism over the past few years. Currently working as a writer with Coingape, Shourya is also an avid reader. As well as writing, you can find her attending poetry performances, exploring cafes and watching cricket. As she says, “dogs are my home”, her first dog rescue was when she was 7 years old! She has consistently championed sanity and rainbow pride.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.