Nigeria Looking To Legalize Bitcoin Usage: Report

If passed, the reported amendments would regulate bitcoin and cryptocurrency usage in the African nation.Author:BtcCaseyPublish date:Dec 18, 2022If passed, the reported amendments would regulate bitcoin and cryptocurrency usage in the African nation.A local Nigerian newspaper has reported that Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions of Nigeria, claimed the country will soon pass a law making the usage of bitcoin and cryptocurrencies legal. The bill would amend 2007 Investments and Securities Act and recognize bitcoin as legal capital. In February 2021, Nigeria banned bitcoin usage with a letter that prohibited regulated financial institutions from “dealing with” cryptocurrencies. Bitcoin Magazine reported that Nigeria was the country with the highest volume of bitcoin peer to peer trading. Chainanalysis reports also showed that Nigeria had significantly accelerated bitcoin adoption. Ibrahim stated that Nigeria was behind in regulation of the industry. He said, “Like I said earlier during second reading, we require an efficient capital market in Nigeria. We must be aware of current global practices in order to achieve that. The proposed regulation could be a significant catalyst for Africa’s most populous country. It should address the growing use of bitcoin in the country. Despite the ban, Bitcoin is still a prominent presence in Nigeria. This includes the construction of a Bitcoin Village, participation by Nigerian Bitcoiners in all aspects of development, philanthropic work by Bitcoin companies, and mining being an active business there. Tagsterms:NigeriaAfricaAdoptionRegulation

 

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