Nigeria Plans To Adopt A Law Recognizing Bitcoin And Other Cryptocurrencies

December 19, 2022


Following an interview with the House of Representatives Committee on Capital Markets, the news broke out that Nigeria plans to adopt a law recognizing cryptocurrencies in the country.

A little over a year after its inception in October 2021, Nigeria’s eNaira has only been adopted by 0.5% of its population. This shows Nigerians have little to no interest in the country’s digital currency. As a result, the legislation recognizing the use of Bitcoin and other cryptocurrencies to stay up with “global standards” will allegedly soon be passed by the Nigerian government.

The report says, “If the Investments and Securities Act 2007 Bill was to be amended,  the Securities & Exchange Commission of Nigeria would treat Bitcoin and other digital currencies as “capital for investment”.

The bill would specify the Central Bank of Nigeria’s (CBN) and Securities Exchange Commission (SEC) (Nigeria) regulatory functions on topics connected to digital currencies in addition to giving legal recognition to Bitcoin and other cryptocurrencies.

It was emphasized that Nigeria needs to stay updated with capital market trends and developments. The reports came a year after Nigeria outlawed cryptocurrency trading in February 202. Followed by the Central Bank of Nigeria (CBN) banning crypto transactions and trading operations in the country.

The CBN found that the majority of crypto investors didn’t even have local accounts when Bitcoin was first outlawed in Nigeria. Therefore, they fell outside the purview of CBN and could not be tracked.

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