Bitcoin and Altcoins Set to be Granted Legal Status in Nigeria

The government of Nigeria is expected to make a huge announcement in the running week for the entire cryptocurrency industry.

The government is going to make an announcement about the status of cryptocurrencies in the country.

There are claims that the Nigerian government will pass a bill to decide the fate of cryptocurrencies in their jurisdiction.

Cryptocurrencies to Become Legalized in Nigeria

The reports suggest the government of Nigeria has been deciding for a while to pass a bill and give legal status to cryptocurrencies.

However, the Nigerian government is going to take the final step and go ahead with passing the bill to make it happen for good.

According to the reports, the passing of the bill would make Bitcoin (BTC) and altcoins a part of global financial practices.

This way, the country will stay up-to-date with the practices in the particular sector. The cryptocurrency industry will continue to thrive in Nigeria but their adoption would rise tremendously once the bill’s passing.

The information has been shared by Punch Newspapers on December 18. It is a local news reporting agency in Nigeria. The news agency has also issued an interview conducted with Babangid Ibrahim.

He is the Chairman of the Capital Markets, which is part of the House of Representatives Committee.

Amendments to the 2007 Act

It has been confirmed that the new bill has been dubbed as the Amendment Bill to the Investments and Securities Act 2007.

With the bill getting passed, the cryptocurrencies and digital assets will be classified as capital that is used for the purpose of investments.

The regulatory body that will keep an eye on the entire process is the Securities and Exchange Commission of Nigeria.

With Bitcoin and the altcoins being recognized as the capital for investments, it will be easier for the crypto industry to thrive in the region.

Statement by Ibrahim

As per Ibrahim’s point of view, Nigeria is in need of technology and an economic boost such as the cryptocurrency industry.

The people in Nigeria are attracted to cryptocurrencies and they want to invest in them as much as they can.

This is because Nigerians want to improve their lifestyles and the crypto industry has the potential to make it happen.

Nigeria is rivaling other major countries when it comes to the adoption of cryptocurrencies. The country has the potential to thrive tremendously with the adoption of cryptocurrencies.

With the global economy facing a downtrend, cryptocurrencies have emerged as a great alternative to traditional financial solutions.

This is the reason why people are attracted to cryptocurrencies. They want to invest in cryptocurrencies in Nigeria to improve their lives and finances.

Luckily, the government has recognized the potential of cryptocurrencies and their importance for the advancement of their economy.

Therefore, the country must continue adopting the latest financial solutions to keep thriving in the industry. This would eventually help improve the economic growth of the country.

He stated that it is important that their country keeps finding better and more reliable opportunities for generating strong capital. Cryptocurrencies will help them achieve what they want to achieve.

Cryptocurrencies were banned in Nigeria in 2021

The Central Bank of Nigeria (CBN) issued a directive for all of the financial institutions in the country to cease offering services to crypto firms.

The regulator even banned the usage of cryptocurrencies in the country. However, the decision received a lot of backlash from the locals in the country.

The CBN finally realized that the adoption of cryptocurrencies is very vital for the growth of their country. The Nigerian parliament jumped into the matter announcing they will try to solve the problem for the civilians.

The parliament members stood in favor of cryptocurrencies in the country. They announced that they will be working alongside the CBN to come up with firmer and streamlined bills for cryptocurrencies.

With the latest announcement, it can be perceived that the wait has been fruitful for the crypto community in the country.

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