Is Nigeria Now Ready To Adopt Digital Currencies?




Nigeria now ready to adopt digital currencies

  • Nigeria's Securities and Exchange Commission (SEC) has set up a committee to work on the framework for blockchain and virtual financial assets for the Nigerian capital market.
  • Digital services and financial technology have been identified as key elements of the march towards financial inclusion and Nigerian authorities seem to be leaning towards leveraging its burgeoning fintech space for the achievement of that purpose.
  • Nigeria is finally warming up to the idea of embracing the advantages of blockchain and virtual financial assets. and it may soon be joining some other African countries that have drawn up regulations for the new wave of digital assets like South Africa, Swaziland, and Egypt.
You will recall that the Central Bank of Nigeria (CBN) has warned Nigerians citizens that Bitcoin and altcoin in general, are not legal tenders with naira as the sole legal tender, but the rate in which Bitcoin users keeps growing rapidly especially from 2018 in the country is alarming due to warning ignored by the citizens.

Recently, according to the Binance Research a few months ago, Nigeria was placed highest on Google Search Heat Ranking for Bitcoin as of 19 September 2019. making Malta-based Binance recently announced the launch of a fiat-to-crypto gateway for Nigeria's Naira.
A report by startup news site Wee Tracker, revealed that Nigeria's Securities and Exchange Commission (SEC) has set up a committee that will work on a regulatory framework for blockchain technology and cryptocurrencies. known as the FinTech Roadmap Working Group, the committee is expected to look into such issues as investor protection, how to ensure financial stability in the new economy and maintaining financial market integrity.

The FinTech Roadmap Working Group will be headed by seasoned financial expert, Ade Bajomo, who would also shoulder the responsibility of making sure the resolutions brought forward by the committee are in line with global best practices.

Digital services and financial technology have been identified as key elements of the march towards financial inclusion and Nigerian authorities seem to be leaning towards leveraging its burgeoning fintech space for the achievement of that purpose. Reported.

This came up a few weeks after President Muhammadu Buhari called for the full implementation of well-coordinated digital economy policy, during e-Nigeria conference, exhibition, and awards for 12 edition 2019.

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Enato Dare
Enato Dare is a Digital Marketer, Cryptocurrency lover writer at Enat DigitalBiz, who love to share information about digital activities to the public through his blog.