The news was released by Nigerian-based Punch Newspapers after an interview with Babangida Ibrahim, the leader of the House of Representatives Committee on Capital Markets, according to Cointelegraph.
According to Cointelegraph, the Nigerian government is anticipated to pass legislation governing the use of Bitcoin and other cryptocurrencies in order to stay up with “global norms.”
According to Cointelegraph, the news was released on December 18, 2022, by Punch Newspapers, a Nigerian publication, following an interview with Babangida Ibrahim, the leader of the House of Representatives Committee on Capital Markets. The article stated that the local Securities and Exchange Commission (SEC) would be able to “recognize bitcoin and other digital monies as capital for investment” if the Investment and Securities Act, 2007 (Amendment) Bill became law.
We must stay current with international standards in order for us to do that, Ibrahim added.
According to data from Cointelegraph, the study was released almost 24 months after Nigeria banned cryptocurrencies in February 2021. According to reports, the Central Bank of Nigeria (CBN) ordered all cryptocurrency exchanges and service providers in Nigeria to cease operations and ordered banks to cancel the accounts of any people or organizations engaged in trading.
“We are examining the legality: what is legitimate and what is within the parameters of our business in Nigeria. It is not about [the] removal of the ban. The CBN observed that the majority of these investors don’t even utilize local accounts when bitcoin was first outlawed in Nigeria. There is no way the CBN can identify them because they are not using local accounts.
Additionally, Cointelegraph pointed out that the law’s passage will result in modifications to Nigeria’s 2007 Investments and Securities Act. It is anticipated that the bill would grant the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) of Nigeria regulatory responsibilities for concerns involving digital currencies. eNaira, the central bank’s digital currency for Nigeria, reportedly had a 0.5% acceptance rate a year after its October 2022 introduction. According to findings from a CoinGecko research report published in April 2022, Nigerians are the country with the highest level of crypto-curiosity.
