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LBank welcomes Nigeria’s move to allow cryptocurrencies as investment capital. Bitcoinist.com
Nigeria has proposed designing significant legislation to further facilitate cryptocurrency adoption in the country of over 200 million inhabitants.
Why this matters: If the Investment Securities Act (Amendment) Bill, 2007 is passed, the Securities and Exchange Commission (SEC) of Nigeria will allow cryptocurrencies and other digital assets as capital for investment.
- House Committee Chairman Babangida Ibrahim shared in an interview with local media punchthe proposed bill would specify the roles of the Central Bank of Nigeria and the country’s SEC with respect to cryptocurrencies.
- Ibrahim said the bill is not a full transition from the current restriction law and is only looking at what can be done within the current legal framework. But he believes Nigeria needs to keep up with the innovations of the global economy.
- Notably, the Nigerian Export Processing Zone Authority (NEPZA) said in a September press release that it was considering partnering with cryptocurrency exchange Binance to create a virtual free zone to boost economic growth. rice field.
Further details: The legal blueprint comes at a time when Nigeria has spent almost two years under a cryptocurrency ban on financial institutions and the country’s CBDC, eNaira, has not been widely adopted.
- Since the CBDC launched in October 2021, there is currently only 0.5% adoption among the population.
- Further approval of eNaira may be hindered by legal blueprints. “This bill is basically about facilitating the adoption of cryptocurrencies. Through regulation of this asset class, we could see taxation and legal registration if we want to build something in the blockchain space.” There is,” said Anointing Aha, Nigerian community manager at global crypto exchange LBank.
- For now, Nigeria appears to be moving toward more hiring, but nothing has been decided. Aha added.