Bola Tinubu, the president-elect of Nigeria, recently launched a manifesto that, if implemented, will allow the adoption of cryptocurrencies and blockchain technology in the country’s banking and financial industry.
“We will reform the policy to encourage the appropriate application of blockchain technology in banking and finance, identity management, revenue collection, and use of crypto assets,”
Tinubu stated in the manifesto. In order to create a more effective and business-friendly regulatory framework, He suggested creating an advisory committee to evaluate SEC regulations on digital assets.
Nigeria crypto regulations
To make existing Nigerian Securities Exchange Commission (SEC) laws on digital assets more business-friendly, the manifesto advises revisiting them. A framework for regulating digital assets in Nigeria, such as Bitcoin and other digital tokens, is provided under the new rule.
According to the proposed regulations, all digital asset offerings and investments must comply with SEC rules and regulations, and digital asset companies must register with the SEC. The manifesto is also in line with efforts to increase the use of the Central Bank of Nigeria’s (CBN) eNaira, the nation’s central bank’s digital currency, which hasn’t performed as expected.
The release of the manifesto coincides with one of the greatest rates of crypto acceptance worldwide among Nigerians.
The CBN’s more tolerant stance on stablecoins reflects Nigerians’ interest in cryptocurrencies. In a recent paper titled “Nigeria’s Payment System Vision 2025,” the bank examined the development of a fresh framework to bring a stablecoin to Nigeria.
Several users of crypto have criticized current regulations for not allowing transactions among crypto users and their local banks.
The government is proposing changes to SEC laws in the hopes that they will increase investor interest in the financial and technology industries and promote economic expansion.
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