Bull rally in 2021 bitcoin and cryptocurrencies increased its adoption and popularity. Many countries have started to approach cryptocurrencies positively and recognize them as legal currency.
A first in the world in this regard Central American country El Salvador It adopted Bitcoin as its legal currency in September 2021. after El Salvador Nigeria was one of the countries that took steps in this regard.
in October 2021 CBDC‘si eNairaNigeria, which released , is now in the country BTC and is preparing to pass legislation that will allow and regulate the use of cryptocurrencies.
Speaking to the country’s local news source, Punch Newspaper, Babangida Ibrahim, Chairman of the House of Representatives Capital Markets Committeeif the change is accepted “will allow the local Securities and Exchange Commission (SEC) to recognize cryptocurrency and other digital funds as investment capital” told.
Stating that Nigeria should be aware of global economic innovations and keep up with trends and developments, İbrahim said:
“We need an efficient and vibrant capital market in Nigeria. In order to do this, we need to have up-to-date global practices.
When it comes to digital currencies, they have different names. These currencies have no limits. You can invest in them in Nigeria, the USA, Canada or anywhere else.”
Referring to the ban on cryptocurrency activity in the country in February 2021, İbrahim continued his words as follows:
“Remember, when cryptocurrency activities were first banned in Nigeria, the Central Bank of Nigeria (CBN) discovered that many of these investors were not even using local accounts.
That is, they are not within the jurisdiction of the CBN. Because they do not use local accounts, it is not possible for CBN to control them.
In this context, Bitcoin and cryptocurrencies are some of the issues we think we need to regulate.”
In the country bitcoin and legal recognition of cryptocurrencies Central Bank of Nigeria and Nigerian Securities Exchange Commission It was also stated that it will define its regulatory roles on issues related to digital currencies.
Finally, it was stated that the changes were made because the CBDCs of Nigerians showed little or no interest in eNaira.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!