Nigeria will invest in cryptocurrencies if: is expected to designate as the capital of The country’s lower house has voted to approve a bill seeking to amend the Investments and Securities Act of 2007, the report said. Nigerian MP Babangida Ibrahim has suggested that the Central Bank of Nigeria (CBN) is not well positioned to regulate cryptocurrencies.
CBN-SEC feud
Nigerian House of Representatives expected to pass legislation seeking to give country’s securities regulators the right to designate cryptocurrencies as capital for investments is. Report said. The bill, which seeks to amend the Investments and Securities Act of 2007, reportedly makes clear that two regulators in Nigeria are vying for control of the cryptocurrency industry.
As previously reported by Bitcoin.com News, the Central Bank of Nigeria (CBN) appears to have taken over crypto control after instructing financial institutions to block crypto entities. CBN’s February 5 directive comes just months after the Nigerian Securities and Exchange Commission (NSEC) designated cryptocurrency securities.
Following CBN’s abrupt decision, Nigeria’s securities regulator said it would suspend guidelines it issued in September 2020. NSEC has also pledged to engage CBN on this issue.
The central bank is not in a position to regulate virtual currencies
Explains why Nigeria needs to regulate digital Chief Babangida Ibrahim said:
Nigeria needs an efficient and vibrant capital market. This requires keeping up to date with global practices. There have been many changes within the capital markets in recent times, especially the introduction of digital currencies, commodity exchanges and many other imperatives that need to be captured in new legislation.
Regarding the CBN mandate and the central bank’s attempts to strengthen its hold on the cryptocurrency industry, Ibrahim said many digital currency investors are “local accounts.” justifies the legislative body’s plans to reform securities laws.
Also, in remarks in an interview with Punch Nigeria, lawmakers said the purpose of the House was not to take sides, but to follow the law.
“We are not looking at the lifting of the ban, we are looking at legality. What is legal and what is within the framework of doing business in Nigeria. and the Securities and Exchange Commission regulates the capital markets,” Ibrahim was quoted as saying.
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