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

They stated this at a digital lecture organised by the Affiliation of Capital Market Teachers 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 at present not be caged or regulated.

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

In keeping with him, the world can’t be transferring ahead and we shall be static.

Agama stated 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 may be quite a lot of funding transferring into the cryptocurrency market, and the tendency is that it’ll cut back the quantity of investments within the inventory market.

“A part of the will 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 shall be static, no.

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

“A market that has a chance for ICOs, derivatives, is just not a market we will ignore.

“ It’s our want that we do extra work, collaborate as regulators and analyse to guarantee that we offer a stage taking part in subject the place Nigerians, worldwide buyers and whoever is on this house shall be snug and joyful.

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

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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