Reps To Investigate The Current Status And Impact Of Cryptocurrency, Blockchain, And Similar Technologies

Reps To Investigate The Current Status And Impact Of Cryptocurrency, Blockchain, And Similar Technologies

The Nigerian House of Representatives has decided to launch an investigation into the current state of cryptocurrency, blockchain, and digital asset transactions within the country. The primary goal of this inquiry is to identify potential threats to national security and to pinpoint any gaps in legislative frameworks, statutes, and regulations……..CONTINUE READING

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This resolution, stemming from a motion presented by Isiaka Ibrahim (APC, Ogun), encompasses a comprehensive examination of international money transfer operators, payment gateways, platforms, and the underlying cloud computing infrastructure.

Furthermore, the House plans to scrutinize the standing of the E-Naira on the global cryptocurrency platform. This investigation will delve into the associated costs, processes involved, and statutory compliance. The lawmakers also aim to engage with stakeholders to establish the necessary legislation and regulations while assessing the compliance of sector operators with existing statutes. Illicit activities, including money laundering and currency speculation, will be closely examined.

In presenting the motion, Isiaka highlighted the global concerns surrounding cryptocurrency transactions, which are perceived to facilitate money laundering by criminals and terrorists. He emphasized the importance of the government’s actions being positively viewed by the international community and investors.

The resolution additionally mandates collaboration with the Office of the National Security Adviser (NSA), relevant agencies, cryptocurrency exchanges, and stakeholders. This collaborative effort aims to track and recover illicit funds or assets. Isiaka acknowledged the Central Bank of Nigeria’s (CBN) concerns about illicit transactions and money laundering on cryptocurrency exchanges, as well as the potential utilization of cryptocurrencies as an alternative platform for determining foreign exchange rates.

Isiaka argued that the government should not overlook the benefits of digital asset transactions. Instead, he urged a focus on enacting and enforcing appropriate statutes and regulations to oversee crypto and digital asset transactions effectively.

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