Nigerian presidential hopeful, Bukola Saraki, recently said he supports the digital currency industry which he claimed has created opportunities for the country’s youth. He insisted, however that laws are needed to guide the players in this area.
The Youth Have Opportunities with Digital Currencies
One of Nigeria’s presidential aspirants, Bukola Saraki, was recently quoted saying he supports digital currencies and that he does not think they will wreck the economy. The Presidential hopeful suggested, however that legislation must be in place and policies should be in place in order to assist players in the space.
In his remarks during an interview, Saraki, one of the fifteen individuals seeking to become the opposition’s candidate in Nigeria’s upcoming presidential elections, acknowledged that digital currencies have created opportunities for the country’s youth. He stated:
Also, I believe it has been a great help to the young generation with creating opportunities and jobs. Anything that helps people start their own businesses and creates employment is something I support. Yes, that is what I support.
Saraki reiterated however that the money laundering and abuse issues that regulators frequently raise, including those at the Central Bank of Nigeria, (CBN), must be dealt with.
Nigerians’ Love Affair With Crypto Assets
Bitcoin.com News reported previously that the Nigerian central banking has required all financial institutions to stop crypto-related transactions since February 5, 2021. The bank insists that privately issued cryptocurrencies like bitcoin have no place in Nigeria’s conventional financial system.
However, despite the CBN’s directive to financial institutions and its subsequent crackdown against errant institutions, Nigerian interest in digital currencies has not waned as peer-to-peer bitcoin traded volumes continue to show. This fact is further evidenced by Nigeria’s Securities and Exchange Commission (SEC)’s recent announcement of rules and guidelines that govern the players in the crypto industry.
However, Saraki didn’t outline any plans for the cryptocurrency industry in his interview if elected to the Nigerian presidency. At the time of writing, reports had emerged that Saraki had lost the race to become People’s Democratic Party candidate to Atiku Abubakar.
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