Minister in Nigeria’s government called for authorities to regulate cryptocurrency instead of cracking down.
It is not clear who regulates cryptos.
A minister from the Nigerian government called for regulation of cryptocurrency in a apparent rebuke to the Central Bank of Nigeria’s (CBN), stance regarding cryptocurrencies.
Clem Agba, minister, says that rather than taking action against companies who facilitate cryptocurrency transactions, forward-thinking regulation will be better for Nigeria. Bloomberg published Agba’s remarks, in which he also questioned the assertion that the CBN is authorized to regulate cryptocurrency transactions. However, there are no laws giving such authority to any regulator.
“Since our existing laws cannot explicitly stipulate who holds the power to regulate cryptocurrencies, there may be a need for an additional body to play that role,” explained Agba.
Prior to the CBN’s directive on February 5, 2021, the Nigerian Securities and Exchange Commission, as well as the central bank, had both vied for the control of cryptocurrencies. As Bitcoin.com News reported in September 2020, the Nigerian SEC has classified cryptocurrencies in its crypto guidelines as securities.
However, after the CBN directed banks to block crypto entities’ access to the financial system, the SEC announced it had suspended the guidelines. Since then, the CBN now appears to be the only Nigerian regulator that is overseeing the country’s cryptocurrency industry.
Every stakeholder is key player
Nevertheless, the minister made these comments about the state of crypto-space affairs:
All stakeholders must view all players as key partners in a secure crypto market.
Despite the CBN’s unrelenting fight against cryptocurrencies, Nigerians have continued to use and demand the assets. Bitcoin.com News published an October Finder Survey showing Nigeria to have the highest level of cryptocurrency ownership worldwide.
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