The Nigerian Minister of Government calls for the regulation of crypto and is considering that an additional instance plays this role regulation
The Nigerian Minister of Government calls for the regulation of crypto and is considering that an additional instance plays this role regulation
A minister of the Nigerian government has asked the country's authorities to consider regulating cryptocurrencies instead of restricting them.
The law does not stipulate who regulates cryptos
In an apparent complaint from the Central Bank of Nigeria (CBN) regarding its attitude to cryptocurrencies, a Minister of the Nigerian government has called for the regulation of cryptocurrencies.
instead of proceeding against companies that enable crypto transactions, Minister Clem AGBA argues that future-oriented regulation would prove to be more advantageous for Nigeria. In comments by Bloomberg also seems to question the claim that the CBN also has to regulate cryptocurrencies, although there is actually no law that grants a regulatory authority such a mandate.
"Since our existing laws cannot explicitly determine who has the authorization to regulate cryptocurrencies, an additional position may be necessary that takes on this role," said Agba.
Before the cbns Directive On February 5, 2021, both the Nigerian Securities and Exchange Commission and the central bank had fought for the control of cryptocurrencies. In fact, as reported by Bitcoin.com News in September 2020, Crypto guideline document.
After the CBN had instructed the banks to block the access of crypto companies to the financial system, the SEC announced that it suspended the guidelines. Since then, the CBN seems to be the only Nigerian regulatory authority that supervises the country's cryptocurrency industry.
All stakeholders are key player
In its comments on this state of affairs in the crypto room, the minister said:
It is crucial for everyone involved to consider each player as an important teammate for a healthy cryptor room in Nigeria.
Despite the relentless struggle of the CBN against cryptocurrencies, the Nigerians continued to use and demand the assets. In October, Bitcoin.com news registered in a finder This shows that Nigeria has the highest proportion of cryptocurrency ownership worldwide.
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