Tuesday, 6 June 2023
AfricaCryptoCrypto Regulations

Bola Tinubu Plans to Make Bitcoin Transactions Legal in Nigeria

To make existing Nigerian Securities Exchange Commission (SEC) regulations on digital assets more business-friendly, the manifesto calls for their reassessment. A framework for governing digital assets in Nigeria, such as cryptocurrencies and other digital tokens, is provided by the proposed regulation.

The proposed rules stipulate that all investments and offerings involving digital assets must adhere to SEC laws and regulations and that issuers of digital assets must register with the SEC.

A New Framework of Crypto in Nigeria

In the manifesto, Tinubu promised to change the policy to promote the ethical use of blockchain technology in banking and finance, identity management, revenue collection, and the use of digital assets.

We will establish an advisory committee to assess SEC regulations on digital assets to develop a regulatory framework that is more efficient and advantageous to the sector.

  • A framework for governing digital assets in Nigeria, is provided by the proposed regulation.
  • Tinubu will modify the policy application of blockchain technology in banking and finance.
  • Crypto acceptance among Nigerians is among the highest worldwide.

A number of cryptocurrency proponents have challenged the restrictions in place for preventing transactions between cryptocurrency users and their neighborhood banks.

The report is also consistent with initiatives to boost the usage of the Central Bank of Nigeria’s (CBN) eNaira, the country’s central bank’s digital currency that hasn’t functioned as intended.

In an effort to spur economic growth and raise investor interest in the financial and technological sectors, the government is recommending modifications to SEC legislation.

We’ll also push the CBN to use more of the eNaira, our digital currency, Tinubu said. Crypto acceptance among Nigerians is among the highest worldwide, following the release of the manifesto.

Nigerians’ interest in cryptocurrencies is reflected in the CBN’s more accommodating approach towards stablecoins. In a recent document titled “Nigeria’s Payment System Vision 2025,” the bank looked at the creation of a novel framework to introduce a stablecoin to Nigeria.

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