Nigeria urged to clarify cryptocurrency regulation

Uncertainty in cryptocurrency regulation risks depriving the government and citizens of the opportunity to maximise the technology’s potential. This was stated by Nigeria’s Minister of National Planning and Budget, Clem Agba, Bloomberg reports.

The official drew attention to the lack of clarity on how digital assets should be supervised, depending on whether they are treated as securities or currencies.

On February 5, the Bank of Nigeria ordered commercial banks to close the accounts of companies working with digital assets. At the end of March, central bank spokesman Adamu Lamtek stated that the regulator did not ban residents from buying and selling bitcoin, and the measures affected only financial institutions.

The Nigerian Senate urged the central bank governor Godwin Emefiele to explain the introduced restrictions.

In September, the Securities and Exchange Commission of Nigeria promised to develop rules regulating the new class of assets.

“As existing laws cannot explicitly indicate who has the relevant powers […] there may be a need for an additional body to take on this role [overseeing cryptocurrencies]”, said Agba.

In October, authorities announced the launch of CBDC. It is expected that the digital naira will supplement cash and benefit citizens, the local economy and cross-border trade.

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