The Home of Representatives has resolved to investigate the current status 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), contains the investigation of worldwide cash switch operators, fee gateways, platforms, and cloud computing infrastructure.
The Home may also look at the status 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 set up obligatory laws and rules, whereas profiling operators within the sector to assess compliance with current statutes and involvement in illicit actions corresponding to cash laundering and foreign money hypothesis.
Whereas shifting the movement, Isiaka acknowledged rising world 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 group and traders.
The decision additionally contains the superintendence of engagement with the Workplace of the Nationwide Safety Adviser (NSA), related companies, cryptocurrency exchanges, and stakeholders to monitor and get better illicit funds or belongings.
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 as a substitute platform for figuring out overseas alternate charges.
He argued that the federal government mustn’t overlook the advantages of digital asset transactions and will as an alternative concentrate on enacting and imposing applicable statutes and rules to supervise crypto and digital asset transactions.