Lawmakers wants cryptocurrency regulated in Nigeria

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Nigeria lawmakers on Cryptocurrencies

The House of Representatives in Nigeria wants cryptocurrency regulated in the country. The lawmakers called on the Central Bank (CBN) and the Nigerian Deposit Insurance Commission (NDIC) to come up with a regulatory plan. The bill calling for regulation was sponsored Solomon Adaelu and its titled Need to regulate blockchain applications and Internet technology.

According to Adaelu;

Blockchain as a digital and decentralisation ledger technology that records all transactions without the need for financial intermediary bank is new to humanity and can be a core payment facilitator for financial services industry. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way

He also revealed that countries like the USA, the UK, Russia, Venezuela, and Kenya have already provided a framework for the regulations of this emerging technology and hopes that Nigeria could be the next.

While lawmakers welcome the motion, they also acknowledging the warning given by the NDIC on the danger of trading on cryptocurrencies.

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