LBank Welcomes Nigeria’s Push to Recognize Crypto as Investment Capital

Internet City, Dubai, December 24, 2022, Chainwire

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.

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  • Babangida Ibrahim, Chairman of the House Committee, said: 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.
  • Specifically, the Nigerian Export Processing Zones Authority (NEPZA) stated in a September press release: considered a partnership We are using crypto exchange Binance to create a virtual free zone to fuel economic growth.

The legal blueprint has been in place for almost two years by Nigeria, Cryptocurrency Ban for Financial Institutionsthe country’s CBDC, eNaira, has not been widely adopted.

  • Adoption is now high since CBDC launched in October 2021 only 0.5% in 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.

LBK Blockchain Co., Ltd.

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