NewsNigeria

Nigeria: Why Nigeria’s SEC Isn’t Looking Towards Crypto

0
70683FEA 6054 4676 ADFA BD846CDE0FBC
Share this article

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.

Share this article

Kenya: Dollar crisis earns Kenya banks Sh52bn amid consumer woes

Previous article

Global: Ukraine’s Central Bank Details CBDC Project

Next article

You may also like

Comments

Comments are closed.

More in News