The Nigerian government intends to pass a bill legalising the use of Bitcoin and other digital assets. The report comes from the local newspaper Punch, citing Babangidu Ibrahim, chair of the House Committee on Capital Markets and Institutions.
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If amendments to the 2007 Investments and Securities Act are adopted, the local SEC could treat cryptocurrencies and other digital funds as capital for investments.
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“We need an efficient and dynamic capital market in Nigeria. For that, we must keep pace with global practices,” Ibrahim explained.
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He also said that Nigerians had used digital assets, despite their initial ban in the country. The official noted the need to regulate the market and to define the roles of the central bank and the SEC in this.
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Earlier in December, Nigerian authorities imposed withdrawal limits as part of their push for cashless alternatives and the expansion of the national digital currency eNaira.
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In August, the central bank said that the local CBDC was used to conduct transactions totalling 4 billion Nigerian naira ($9.3 million).
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