The Nigerian government will pass a law that will recognize the usage of Bitcoin and other cryptocurrencies as a means to keep up to date with global practices.
The report stated that if the Investments and Securities Act 2007 Bill is signed into law it would allow the local Securities and Exchange Commission to recognize cryptocurrency and other digital funds as capital for investment.
The report comes almost 24 months after Nigeria banned crypto activity in February 2021, with the Central Bank of Nigeria ordering Nigerian crypto exchanges and service providers to cease activity and mandating banks to shutter the accounts of any individuals or entities found to be engaging in trading activities.
In addition to the assignment of legal recognition to Bitcoin and other cryptocurrencies, the law will outline the regulatory roles of the Central Bank of Nigeria and Nigeria’s Securities Exchange Commission on matters relating to digital currencies.
The law also comes as Nigerians have also shown little to no interest in Nigeria’s central bank digital currency, the eNaira, which had only obtained a 0.5% adoption rate in October, 12 months after its launch.
