The local SEC will be able to recognize cryptocurrencies.
This news comes about 24 months after the ban.
To keep up with global trends, the Nigerian government is expected to approve legislation regulating Bitcoin and other cryptocurrencies in the near future. On December 18th, Punch Newspapers, a leading publication in Nigeria. Published the article after interviewing House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim.
The local Securities and Exchange Commission will be able to recognize cryptocurrencies. And other digital monies as capital for investment. If the Investments and Securities Act 2007 (Amendment) Bill is passed and signed into law, as stated in the article.
Not a Complete Reversal of Ban
Ibrahim emphasized the need for Nigeria to be abreast of the most recent capital market changes and trends. The Central Bank of Nigeria (CBN) ordered Nigerian crypto exchanges and service providers to halt operating in February 2021. And mandated banks term
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