New Nigerian Law Proposes Legalizing Cryptocurrency Uses

According to Nigerian media Punchng, Babangida Ibrahim, Chair of the Institutions and Capital Markets Committee of the Nigerian House of Representatives, revealed that the House of Representatives will soon pass an amended version of the 2007 Investment and Investment Act.

If passed, the Securities Act would allow the use of digital currencies in Nigeria. The bill would require the country’s Securities and Exchange Commission to recognize cryptocurrencies and other digital funds as investment capital.

The proposed law would also define the regulatory role of the Central Bank of Nigeria (CBN) and the country’s Securities and Exchange Commission for digital currencies.

One of the legislations was titled, A Bill for an Act to Repeal the Chartered Institute of Stockbrokers Act, Cap. C9, Laws of the Federation of Nigeria, 2004 and Provide for Establishment of Chartered Institute of Securities and Investments; and for Related Matters.

The other was titled, A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as Regulation of the Market to ensure Capital Formation, the Protection of the Market to ensure Capital Formation, the Protection of Investors, Maintain Fair, Efficient and Transparent Market and Reduction of Systematic Risk.

Banks and other financial institutions were required by the CBN to identify individuals and organizations running bitcoin exchanges and terminate all associated accounts. The country’s top bank declared that accepting payments using cryptocurrency and dealing in them are prohibited.

Prior to that, in February last year, the Central Bank of Nigeria completely banned Bitcoin and other digital asset transactions.

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