Why Nigeria’s SEC Withdraws Plans For Enforcing Regulation Of Crypto Assets?

According to recent reports, Nigeria’s SEC has taken a decision to withdraw the plans it had earlier for enforcing the digital currency regulations. Moreover, the Nigerian Government declared in the month of Sep in 2020 that it would enforce Crypto Trading Regulations for ensuring the protection of investors and provide market transparency and integrity.

Two years ago, the financial watchdogs of the country did not regard digital currencies as a legal type of payment and said that Cryptocurrency endangered all its users, particularly investors. However, the country’s SEC recently directed financial institutions (mainly banks) to disable organizations’ accounts and other people dealing with digital assets.

However, now one of these aspects has rapidly changed. The regulatory authority now  has halted the initiative before crypto-users start operating bank accounts.

Senator Sani Musa said in tweets posted on Thursday that the Government would currently have little regulation regarding crypto, based on the technology. He further added that fiat currency had turned Bitcoin into something almost worthless.

Adding more to it, he said that no doubt, Cryptocurrency has gained a great deal of popularity that it has appeared as a global trade asset. While talking about the blockchain technology, the senator said that it is so efficient that I do not see how we can control it. Bitcoin has done a great damage to our currency making it worthless or invalid.

Crypto Exchange Binance Suspends Nigeria’s Deposits.

When Nigeria’s Securities and Exchange Commission (SEC) asked banks to shut down digital currency investors and business accounts a week ago, the crypto exchange Binance reacted before further notification and halted deposits, as per a report by CoinDesk. The company warned that withdrawals continue to operate but they can take much longer to complete.

Twitter’s Jack Dorsey Helps BTC Developers In Africa With 500 BTC.

On the other hand, the social media platform Twitter’s Chief Executive Officer Jack Dorsey, the co-founder of Square, worked along with the American rapper JayZ to give nearly $24 million (500 Bitcoin approximately) to the newly-introduced BTC development trust in India and Africa. The fund’s main mission is to turn Bitcoin into the internet currency. To do that, Dorsey and Jay-Z are not guided by the organization.

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