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Report Suggests Nigeria Might Support Bitcoin And Cryptocurrencies

Published 2022-12-19, 01:27 p/m
© Reuters Report Suggests Nigeria Might Support Bitcoin And Cryptocurrencies
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  • Reports indicate Nigeria will support cryptocurrency.
  • Nigerian ex-president wants Investment and Securities Act 2007 to come into law.
  • The Central Bank of Nigeria will review its 2019 crypto bank upon amendment approval.

Despite an issued cryptocurrency ban by the Nigerian government in 2019, the popularity of cryptocurrency, specifically Bitcoin has been rising ever since. Nigerians, who still actively engage with crypto-related activities as per recent data, are seeking financial independence through digital currency.

According to a report from The Punch News where they interview the House of Representatives Committee on Capital Markets chairman Babangida Ibrahim, cryptocurrency will be recognized as a capital investment by the Nigerian Securities and Exchange Commission, in the case that the Investment and Securities Act 2007 Bill gets passed into law.

Babangida added that it is time for Nigeria to update itself with growing developments in the capital market, and adopt an efficient and energetic capital market by embracing global practices.

In 2019, the Central Bank of Nigeria (CBN) banned cryptocurrency-related interacti ...

The post Report Suggests Nigeria Might Support Bitcoin And Cryptocurrencies appeared first on Coin Edition.

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