Politicians call for regulating cryptocurrencies in Nigeria

July 24, 2019 | AtoZ Markets – The spokesperson of Nigerian House of Representatives, Femi Gbajabiamila, has called for adopting a legal framework for regulating cryptocurrencies.

On July 23, Gbajabiamila requested that his country starts formulating an implemental guide for digital assets, to benefit from this new digital currency that is being more adopted today.

“On the issue of cryptocurrency, I think blockchain technology is novel and coming up strong. We don’t want to be left behind. […] I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously.” Said the spokesperson.

Nigeria is ready for regulating blockchain and asset class

The Nigerian House of Representatives, as per the lawyer, is ready to develop relevant legal frameworks for the blockchain technology and asset class.

Gbajabiamila touched upon the role of the NDIC and creating well-defined and separate competencies between it and the country’s central bank, mentioning that the House would expand the NDIC’s statutory functions, and ensure that its roles did not overlap with those of the Central Bank of Nigeria.

Nigeria, was recently mentioned among the “unbanked countries” Facebook said it would be targeting with its Libra Coin help their economies the payment systems over there, including Mexico, Bangladesh, China, Indonesia and India.

As per tech analyses, Nigeria ranked among the first nations in which Bitcoin is being searched for most, where Lagos in Nigeria came on the top of the list, followed by Munich, Germany and the Austrian capital, Vienna, in the third place. Fourth and fifth were Los Angeles in California, and Yonkers in upstate New York.

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