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Nigeria’s next president, Bola Tinub, recently released a manifesto. Once implemented, this manifesto will allow the use of blockchain technology and cryptocurrencies in the domestic banking and financial sector.
manifest suggest Review existing Securities and Exchange Commission (SEC) regulations on digital assets to make them more business-friendly. The new regulation provides a framework for regulating digital assets such as cryptocurrencies and other digital tokens in Nigeria.
The proposed regulation would require digital asset companies to register with the SEC and mandate that all digital asset offerings and investments comply with SEC regulations.
In the manifesto, Tinubu says: We will establish an advisory board to review the SEC’s regulation of digital assets and create a more efficient and business-friendly regulatory framework. ”
Some cryptocurrency enthusiasts have criticized existing regulations for lacking provisions to allow cryptocurrency users to transact with local banks.
This existing SEC regulation on Nigerian crypto does not actually allow crypto users to transact with banks.
— Timothy’s son (@ObiUcheUzoije) March 7, 2023
The published paper also aligns with the Central Bank of Nigeria’s (CBN) eNaira, the country’s central bank digital currency, which plans to expand adoption of the coin that has not lived up to expectations.
Related: Nigeria rethinks payments landscape amid slow eNaira adoption
The government hopes the proposed reforms to SEC regulations will help attract more investors to the digital and economic sectors and stimulate economic growth.
“We also encourage CBN to expand the use of its digital currency, eNaira,” Tinubu said.
The release of the manifesto coincides with growing interest in crypto assets among Nigerians. search Data shows a strong appetite for stablecoins.
Nigerians’ interest in crypto is reflected in CBN’s more moderate stance on stablecoins.Recent Apex Bank It was published A research report titled “Nigeria’s Payment System Vision 2025” that explores the creation of a new framework for the introduction of stablecoins in Nigeria.
