The proposed regulation also aligns with its shift towards a cashless society.
Nigeria is planning to push a law to legalize the usage of bitcoin and cryptocurrencies, backpedaling its stance on the industry., Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, disclosed details about the new law that seeks to amend the existing “Investment and Securities Act 2007” to recognize Bitcoin as legal capital for investment.
“In recent time, there are a lot of changes within the capital market, especially with the introduction of digital currencies, commodity exchanges and so many other things that are essential, that need to be captured in the new Act. Like I said, it is better to talk about this after consideration of the reports.”
The development comes almost two years after Nigeria’s central bank banned banks from servicing crypto exchanges. The notice from CBN alsobanks to cease the accounts of any individuals or entities involved in crypto trading activities. Despite the ban, Nigeria has emerged as one of the world’s fastest-growing Bitcoin adopters. It has 50% monthly active adult crypto traders, the highest in the world as per a recent
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