Opinion: Nigeria Needs Bitcoin Regulation
Nigeria does not need to be one of the countries adopting a wait-and-see approach to regulate Bitcoin use and its adoption if it wants to beat undocumented capital outflow and block a potential means of funding extremists’ activities. Though its existence is still considered a new phenomenon in one of Africa’s largest economies, regulating the world’s top digital currency has to be done and very fast because of the nature of Nigeria’s key problems. Security-wise, particularly in these days of kidnappings and computer hacks for ransom, a lot more is at stake each passing day as the....
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The use of bitcoin has been on the rise in Africa, prompting some governments and monetary authorities to consider cryptocurrency regulation. In particular, the Central Bank of Nigeria (CBN) is looking to propose a set of rules to protect consumers and investors of digital currencies. Just as in some parts of Asia and South America, a large part of the population in Nigeria is unbanked, leading to the popularity of alternative ways of moving funds around. Earlier this year, South African bitcoin exchange ICE3X has made cryptocurrency trading possible in Nigeria while Singapore-based BitX....
Nigeria’s Securities and Exchange Commission (SEC) has revealed that talks with the Central Bank of Nigeria (CBN) regarding the regulation of cryptocurrencies are ongoing. The securities regulator also reiterated that due to a CBN directive that was issued on February 7, 2021, the crypto guidelines it issued in September 2020 remain suspended. Crypto Guidelines Set Aside However, the regulator promises that at the conclusion of its engagements with the CBN, stakeholders will be informed of the outcome. Meanwhile, in his comments that were made during a Q1 Capital Market Committee....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
The Nigerian financial services sector has experienced some major technological developments within the last two decades. How much impact have these changes and FinTech advancements had on her neighbours within the West African subregion? How dependent on Nigeria are its neighbours, considering future technological improvements? While delivering her speech after a meeting with the President and Vice President of the Federal Republic of Nigeria at the Presidential Villa in Abuja, the Chairperson of the International Monetary Fund (IMF), Christine Lagarde emphasised how dependent on Nigeria....
Nigeria's Central Bank has reportedly called for bitcoin regulation in an attempt to stop money laundering and avoid international penalties. Speaking at the second Anti Money Laundering/Combating Financial Terrorism Stakeholders Consultative Workshop held in Abuja - the country's capital - Dr Okwu Nnanna, deputy governor of financial system stability at Nigeria's Central Bank (CBN) said: "Virtual currency was dangerous because it was not a legal tender of any country hence it has a borderless nature without jurisdiction which makes it a channel for money laundering." According to media....