The Home of Representatives has resolved to analyze the present standing of cryptocurrency, blockchain, and digital asset transactions in Nigeria.
The investigation goals to establish threats to nationwide safety and gaps in legislative frameworks, statutes, and rules.
The decision, following a movement by Isiaka Ibrahim (APC, Ogun), consists of the investigation of worldwide cash switch operators, fee gateways, platforms, and cloud computing infrastructure.
The Home will even look at the standing of the E-Naira on the worldwide cryptocurrency platform, together with prices, processes, and statutory compliance.
The Home additionally resolved to have interaction stakeholders to determine needed laws and rules, whereas profiling operators within the sector to evaluate compliance with present statutes and involvement in illicit actions corresponding to cash laundering and forex hypothesis.
Whereas shifting the movement, Isiaka acknowledged rising international issues about cryptocurrency transactions enabling cash laundering by criminals and terrorists, stating the necessity for the federal government’s actions to be perceived positively by the worldwide neighborhood and traders.
The decision additionally consists of the superintendence of engagement with the Workplace of the Nationwide Safety Adviser (NSA), related businesses, cryptocurrency exchanges, and stakeholders to trace and get well illicit funds or property.
Isiaka acknowledged the issues expressed by the Central Financial institution of Nigeria (CBN) concerning illicit transactions and cash laundering on cryptocurrency exchanges, in addition to the potential use of cryptocurrencies in its place platform for figuring out overseas change charges.
He argued that the federal government mustn’t overlook the advantages of digital asset transactions and will as a substitute deal with enacting and imposing applicable statutes and rules to oversee crypto and digital asset transactions.
