Senate Committee Calls for Cryptocurrency Regulation in Nigeria

The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency trading in the country. Senator Osita Izunaso, chairwoman of the committee, made the statement after meeting with Dr. Emmotimi Agama, newly appointed director general of the Securities and Exchange Commission (SEC).

“The issue of cryptocurrencies must be regulated because Nigerians trade cryptocurrencies.

“If Nigerians trade cryptocurrencies, why don’t we regulate it? Where will the money go if we do not regulate the cryptocurrency market? He added

Senator Izunaso noted that many Nigerians trade Bitcoin and other cryptocurrencies. The committee chairman highlighted the positive opportunities presented by the stock and capital markets to boost the Nigerian economy.

According to him, greater involvement of the central government in these sectors, including cryptocurrencies, will expand the liquidity base, thereby strengthening the Naira. The new SEC Director General, Dr. Agama, also confirmed this and promised to intensify capital market development to attract investments, thereby creating employment opportunities.

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