The Nigerian government minister called for the regulation of cryptocurrencies and is considering the establishment of additional institutions to “play this role”-Regulate Bitcoin News

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A minister of the Nigerian government called on the country’s authorities to consider regulating cryptocurrencies rather than banning them.

The law does not stipulate who will supervise cryptocurrencies

The Central Bank of Nigeria (CBN)’s position on cryptocurrencies appears to be condemning, and a minister of the Nigerian government called for the regulation of cryptocurrencies.

Minister Clem Agba believes that forward-looking regulation will prove to be more beneficial to Nigeria than to crack down on companies that promote crypto transactions.In the remarks Publish According to a Bloomberg report, Agba also seems to question the claim that CBN has the right to supervise cryptocurrencies. In fact, there is no law that grants any supervisory authority such authorization.

“Because our existing laws cannot clearly specify who has the power to regulate cryptocurrencies, an additional agency may be needed to play this role,” Agba explained.

Before CBN instruct On February 5, 2021, both the Securities and Exchange Commission of Nigeria and the Central Bank were vying for control of cryptocurrencies.In fact, as Bitcoin.com News reported in September 2020, the Nigerian Securities and Exchange Commission has designated Cryptocurrencies are used as securities in its encryption guidelines document.

However, after CBN instructed banks to block encrypted entities from accessing the financial system, the US Securities and Exchange Commission announced that it had pause Guidelines. Since then, CBN now appears to be the only Nigerian regulator overseeing the country’s cryptocurrency industry.

All stakeholders are key participants

At the same time, the minister said in commenting on the situation in the encryption field:

It is important for all stakeholders to treat each player as a key teammate in the realization of a healthy crypto space in Nigeria.

Despite CBN’s tireless struggle with cryptocurrencies, Nigerians continue to use and demand these assets. October, Bitcoin.com news Report A Finder survey shows that Nigeria has the highest cryptocurrency ownership rate in the world.

What is your opinion on the statement made by the Nigerian Minister? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.