The Nigerian government is preparing a law that recognizes Bitcoin and cryptocurrencies in an effort to keep up with global developments.
The crypto industry and cryptocurrencies are on the radar of countries. The tightening process in the global economy caused a decline in stock market shares. The effect of this decline also negatively affected risky assets. The cryptocurrency market has become one of the sectors affected by the turbulent process of the global economy. However, countries have started to believe that the crypto industry will get better in the future. Nigeria, one of these countries, will make a new move after the CBDC. The country’s government focused on the law recognizing cryptocurrencies and Bitcoin.
Nigerian Government Focused on Cryptocurrencies
Nigeria is not giving up despite 0.5 percent adoption of the CBDC called eNaira. The country’s government will pass a law for the recognition of cryptocurrencies and Bitcoin as well.
Nigeria-based Punch Newspapers interviewed Babangida Ibrahim, Chairman of the House of Representatives Capital Markets Committee, on December 18. In this interview, the legalization of cryptocurrencies in the country was discussed.
The Securities and Exchange Commission will recognize cryptocurrencies as investment capital upon completion of the legal process.
Ibrahim said, “As I said earlier in the second reading, we need an efficient and vibrant capital market in Nigeria. In order for us to do that, we must be up to date with global practices.” said.