LBank Welcomes Nigeria’s Will To Recognize Crypto As Investment Capital CryptoBlog

INTERNET CITY, DUBAI, December 24, 2022, Chainwire

Nigeria has come up with a significant legislative design that will further facilitate the adoption of cryptocurrency in the country of over 200 million people.

why it matters
If the Investments and Securities (Amendment) Bill 2007 is passed, the Nigerian Securities and Exchanges Commission (SEC) will recognize cryptocurrencies and other digital assets as investment capital.

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  • Babangida Ibrahim, Chairman of the House of Representatives Committee, shared a meeting with local media Punchthat the proposed bill will clarify the roles of the Central Bank of Nigeria and the country’s SEC with respect to cryptocurrencies.
  • Ibrahim said the bill is not a complete departure from the restrictive laws in place, but only a review of what could be done within the current legal framework. However, he believes Nigeria needs to keep up with global economic innovations.
  • Notably, the Nigerian Export Processing Zones Authority (NEPZA) said in a press release in September that He considered joining with crypto exchange Binance to create a virtual free zone to promote economic growth.

Go further
The legal plan comes at a time when Nigeria has spent almost 2 years under a cryptocurrency ban for financial institutionsand the country’s CBDC, eNaira, failed to gain widespread adoption.

  • Since the launch of the CBDC in October 2021, it is currently at an adoption rate only 0.5% among the population.
  • Further approval of eNaira may be hampered by the legal draft. “This bill will essentially create greater adoption of cryptocurrencies. With the regulation of this asset class, we could start to see taxation and legal registration if you want to build something in the blockchain space,” says Anointing Aha, Community Manager for Nigeria at the exchange. global crypto LBank.
  • For now, Nigeria appears to be moving towards further adoption, but nothing is set in stone. “The presidential election in Nigeria is approaching early next year, and much will depend on the new president,” Aha adds.

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