Nigeria is working on a regulation that legalizes the use and trading of cryptocurrencies. An official statement has been made on the subject.
Babangida Ibrahim, Chairman of the Nigerian Capital Markets and Institutions Committee, stated that the country is ready to pass a law that will legalize the use of Bitcoin and cryptocurrencies in the region.
With the rapid adoption of cryptocurrencies, the work in this field has also gained momentum. Finally, a move came from Nigeria. Nigeria will pass a bill to legalize the use of Bitcoin and cryptocurrencies.
In addition to the officialization of Bitcoin and other cryptocurrencies, the law will outline the regulatory roles of the Central Bank of Nigeria and the Nigerian Securities Exchange Commission (SEC) in digital currencies-related matters, Nigeria’s report said.
Babangida İbrahim made the following statement on the subject:
“As I said earlier in the second reading, we need an efficient and vibrant capital market in Nigeria. In order for us to do that, we must be up to date with global practices”.