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Nigerian Deputy Calls for Crypto Regulation to Catch Up to Other Countries

24 July 2019 12:16, UTC
Nigerian Deputy Calls for Crypto Regulation to Catch Up to Other Countries

The speaker of the Nigerian House of Representatives, Femi Gbajabiamila has put forward a motion for the country to adopt comprehensive crypto legislation in order to catch up to the rest of the world’s tech development speed.

01.07.2019  |   in Innovations
Nigeria is the economic powerhouse of the African continent, therefore they’re considered to spearhead most of the development in the region, be it financial or technological. Introducing a new legal framework would indeed work wonders for the country, especially after it agreed to enter the ECOWAS union under a single currency.

According to a report from the Daily Post, Gbajabiamila emphasized the importance of staying up to date with their partner countries in terms of technological development and adoption. Seeing how most countries are starting to implement the blockchain on most of their economic platforms is incentive enough for Nigeria to start considering the same steps.

It also needs to be emphasized that the African continent has become a constant target for fraudsters due to the increasing interest for cryptocurrencies.

According to google trends, Nigeria is in the first place for keywords such as “Bitcoin” and “Cryptocurrencies”, with Ghana and South Africa right behind it. Having a legal framework could provide at least some kind of leisure for the local population to invest in the crypto market without having to guess whether the investment firm is a fraud or not.

Regardless of the government’s decision, Gbajabiamila has already noted the readiness of the House of Representatives to start working on the framework immediately. All it takes is an approval from the Senate.

Image courtesy of Todays Gazette

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