Cryptocurrency ban in Nigeria: CBN, SEC to provide level field for investments

The Central Financial institution of Nigeria (CBN) and the Securities and Change Fee (SEC) have agreed to collaborate and conduct analysis with a view to discovering methods of regulating the Cryptocurrency market.

They mentioned this at a digital lecture organised by the Affiliation of Capital Market Lecturers of Nigeria (ACMAN) in Abuja on Sunday.

Mr. Timi Agama, Head of Division, Registration, Exchanges, Market Infrastructure and Innovation Division of SEC, described the cryptocurrency market as an air that would presently not be caged or regulated.

He famous that cryptocurrency was a market of about two trillion {dollars} which couldn’t be ignored.

In response to him, the world can’t be transferring ahead and we can be static.

Agama mentioned that though the SEC or the capital market wouldn’t accommodate or encourage any fraudulent practices that allowed for cash laundering, cryptocurrency was a market to look into.

“There’s quite a lot of funding transferring into the cryptocurrency market, and the tendency is that it’s going to cut back the quantity of investments within the inventory market.

“A part of the need of the SEC even sooner or later is to supply a regulatory framework that can deal with all these challenges that we’ve seen internationally, and the whole world is grappling with by way of cryptocurrency and digital property.

“For us on the SEC and capital market, it’s one thing to take a look at, the world can’t be transferring ahead, and we can be static, no.

“It is crucial for us to overview, perceive, recognize and introduce rules that can information the motion of the market on this route.

“A market that has a chance for ICOs, derivatives, just isn’t a market we are able to ignore.

“ It’s our need that we do extra work, collaborate as regulators and analyse to ensure that we offer a stage enjoying area the place Nigerians, worldwide traders and whoever is on this area can be comfy and joyful.

“I hope that in doing that, we’re going to have the ability to drive overseas portfolio funding, International Direct Funding (FDI) into this nation and construct our capital market,’’ he mentioned.

Recall that CBN had earlier this month ordered banks and monetary establishments in Nigeria to shut the accounts of cryptocurrency merchants.

CBN, in its round signed by Director of Banking Supervision, Bello Hassan, directed monetary establishments to halt any transactions in crypto or to facilitate funds for crypto exchanges.

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