Nigeria is expected to enact legislation recognizing Bitcoin and other cryptocurrencies

After a little more than a year after its inception in October 2021, Nigeria’s eNaira has only achieved a 0.5% adoption rate.

According to reports, the Nigerian government will soon approve legislation recognizing the use of Bitcoin and other cryptocurrencies as a method of keeping up with “global trends.”

Following an interview with Chairman of the House of Representatives Committee on Capital Markets Babangida Ibrahim, the Nigerian-based Punch Newspapers broke the news on December 18.

According to the article, if the Investments and Securities Act 2007 (Amendment) Bill is passed into law, the Securities and Exchange Commission will be able to “recognize bitcoin and other digital monies as investment capital.”

Ibrahim emphasized Nigeria’s need to be current on capital market trends and developments: “As I said previously in the second reading, Nigeria need an efficient and robust capital market. To do this, we must remain current on worldwide practices.”

The report comes nearly 24 months after Nigeria banned crypto activity in February 2021, with the Central Bank of Nigeria (CBN) ordering Nigerian crypto exchanges and service providers to cease activity and mandating banks to close the accounts of any individuals or entities engaged in trading activities.

But Ibrahim, who served as Nigeria’s president from 1985 to 1993, believes that the adoption of the bill is not a complete reversal of the prohibition, but rather a secondary review of the CBN’s authority.

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