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The Securities and Exchange Commission (SEC) in Nigeria says that the Commission might promote cryptocurrency as a digital asset only if the market undergoes proper regulations.
Lamido Yuguda, the General Manager of SEC while speaking recently in Lagos said that the commission is planning to push for the adoption of digital assets in the country by developing up to 50 digital assets by 2025.
Instead, Yuguda said that “We are looking at digital assets that protect investors,”
A major issue Yuguda had raised was the speculative nature of cryptocurrencies.
According to him, “The commission is in the business of protecting investors, not in the business of speculation.”
He further highlighted that crypto exchanges were yet to be allowed access to the country’s banking platform hence the SEC’s decision.
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