A new bill will soon be passed in Nigeria that will allow investors to use crypto as capital.
This bill is an ammendment to the Investments and Securities Act, 2007.
If passed, the bill will define supervisory roles for the Central Bank of Nigeria and the country’s Securities and Exchange Commission (SEC) with respect to digital currencies
There are no specific timeline for when the bill will be ready and passed.
However, this is a great news for the crypto enthusiasts in the African country. Especially so, as the Nigerian government have frowned against citizens getting involved in cryptocurrencies
It is not that they are illegal but we don’t have regulation for them
Babangida Ibrahim
Institutions in the country are banned from facilitating crypto transactions, and citizens have had their accounts closed when they are confirmed to have crypto transactions
Nigerians must be eager for this bill to pass.
What do you think? Is this a step in the right direction?
Let me know in the comments section below
