Skip to main content

Nigeria is planning to approve a law recognizing cryptocurrencies like Bitcoin.

By

Nigeria is planning to approve a law recognizing cryptocurrencies like Bitcoin.


A law recognizing the use of Bitcoin BTC tickers down $16,585 and other cryptocurrencies as a way to stay up with "global standards" is allegedly close to being passed by the Nigerian government. 

Following an interview with the chairman of the House of Representatives Committee on Capital Markets, Babangida Ibrahim, Punch Newspapers, a Nigerian publication, broke the news on December 18.

According to the report, the local Securities and Exchange Commission would be able to "recognize bitcoin and other digital monies as capital for investment" if the Investments and Securities Act 2007 (Amendment) Bill were to become law. 

Ibrahim emphasized the significance of Nigeria staying current with capital market trends and developments: 

"We need an effective and robust capital market in Nigeria, as I stated during the second reading. We must be up to speed with international standards in order to accomplish that."

The allegation comes nearly 24 months after Nigeria outlawed cryptocurrency trading in February 2021, when the Central Bank of Nigeria (CBN) ordered local cryptocurrency exchanges and service providers to halt operations and ordered banks to shut the accounts of anyone found trading cryptocurrency. 

Ibrahim, who presided over Nigeria from 1985 to 1993, is adamant that the law's passage does not represent a reversal of the ban but rather a secondary examination of the CBN's authority: 

"We are examining the legality: what is legal and what is within the parameters of our operations in Nigeria," the statement reads. "It is not about [the] lifting of the prohibition."

The CBN found that the majority of these investors don't even have local accounts when bitcoin was first outlawed in Nigeria. Therefore, they fall outside of the CBN's purview. There is no way for the CBN to check them because they aren't using local accounts, he said. 

The 2007 Investments and Securities Act of Nigeria will be modified if the legislation is approved.

The bill will specify the Central Bank of Nigeria's (CBN) and Securities Exchange Commission (SEC) (Nigeria) regulatory functions on topics connected to digital currencies in addition to giving legal recognition to Bitcoin and other cryptocurrencies, according to the article. 

The eNaira, the digital currency issued by Nigeria's central bank, has received little to no attention from Nigerians and only has a 0.5% adoption rate as of October, 12 months after its inception.

As usage grew after the ban in February 2021, the Nigerian government's earlier efforts to suppress cryptocurrency activities may have also been fruitless. 

Nigerians only behind the United States in Bitcoin trade volume from January to August of last year, and at that time, they were more likely to google "Bitcoin" than people from any other nation.

An April research report by CoinGecko revealed that Nigerian citizens were the most interested in cryptocurrencies. The intrigue is not surprising given that Nigerians are still trying to combat extreme inflation and a depressed economy. 

In September, Nigeria began preliminary negotiations with cryptocurrency exchange Binance to create a crypto-friendly economic zone that will assist local blockchain and cryptocurrency firms.

Article Credit: CoinTelegraph

Join thousands of investors, Bitcoin B2B and Institutional at the World's Largest Bitcoin Mining Conference & Expo- Mining Disrupt July 25-27, 2023 in Miami. Get your Tickets now at https://miningdisrupt.com

Chat, Network and Connect with many thousands of Miners and Professionals on the official Mining Disrupt Telegram Group: https://t.me/MiningDisruptOfficial

Mining Disrupt email: conference@miningdisrupt.com 


Comments

Post a Comment

Popular posts from this blog

A Joint Venture Between Atlas Power and Giga Energy Will Use Stranded and Flare Gas for Bitcoin Mining

By
A Joint Venture Between Atlas Power and Giga Energy Will Use Stranded and Flare Gas for Bitcoin Mining A ground-breaking joint venture to use stranded and flared gas for Bitcoin mining operations has been announced by Atlas Power, a leading provider of Bitcoin mining infrastructure led by CEO Kevin Washington and COO Jeff Young, and Giga Energy, a pioneer in cutting-edge gas-to-energy solutions founded by Brent Whitehead and Matt Lohstroh. This alliance hopes to capitalize on the rising demand for eco-friendly and effective Bitcoin mining solutions while addressing environmental issues related to gas flaring. In the joint venture, Atlas Power will supply cutting-edge Bitcoin mining equipment, and Giga Energy will offer its knowledge in capturing and converting flare gas into power. Through their cooperation, the businesses are able to conserve a resource that would otherwise be wasted, lower their greenhouse gas emissions, and profit from the energy-intensive Bitcoin mining process. Th...
Post a Comment
Read more

Eureka Digital Mining Signs Distribution Agreement with Green Hash Co.

By
Eureka Digital Mining Signs Distribution Agreement with Green Hash Co. October 25, 2023, at the Blockchain Life 2023 exhibition in Dubai UAE- Shenzen Green Hash Co Ltd. and Eureka Digital Mining Inc. officially signed a strategic cooperation agreement for the distribution of their industry leading direct chip cooler hydro mining infrastructure to the North American mining market and select global projects / clientele. "We are very excited for his amazing partnership, expanding upon our commitment to the bitcoin mining community to deliver the most efficient and innovative solutions in the immersion and now direct chip cooling space. Green Hash's premier line of hydro products will allow us to continue to deliver smart and highly efficient mining systems to our client base as they prepare for the halving" says Bryan Davies, President of Eureka Digital Mining.  George Duran, President of Green Hash states "Green Hash's strengths are in: research and design, enginee...
Post a Comment
Read more

Revolutionary Bitcoin Mining Product from Zebacus is Released - Zebacus Pool

By
Revolutionary Bitcoin Mining Product from Zebacus is Released - Zebacus Pool The cutting-edge cryptocurrency platform Zebacus has introduced a brand-new Bitcoin mining service called Zebacus Pool. Based on the current price of Bitcoin, this dynamic platform offers traders the chance to purchase terahash with a projected return of less than two years. Zebacus offers $5 worth of bitcoin terahashes as part of its launch promotion, which are displayed on the dashboard after registration. Zebacus wants to provide its users with a global one-stop shop for bitcoin solutions. Zebacus is creating a variety of goods and services to meet the demands of its consumers with the aim of supplying cutting-edge technology to expedite crypto transactions. One of Zebacus' main services is its bitcoin mining platform, which is operational and accessible to those that are interested in cryptocurrencies. The mining platform offers consumers a practical way to take part in Bitcoin mining. Zebacus intends ...
Post a Comment
Read more