Cryptocurrency ban in Nigeria: CBN, SEC to create level field for investments

Central Bank of Nigeria, CBN, and the Security and Exchange Commission, SEC have decided to work together, conduct research, and find ways to regulate and monitor the cryptocurrency market.

This was made known at an organized virtual lecture organized by the association Capital Academics of Nigeria, ACMAN, Abuja.

SEC’s head of department, registration, exchanges, market infrastructure, and innovation, Timi Agama, opines that the cryptocurrency market is an air that can never be caged.

He further stresses that the cryptocurrency market is worth about two trillion dollars, that such a vast market can’t be ignored.

He also noted that the world could not be progressing while we would be static.

Adding, he said though the SEC would not permits or encourage any fraudulent practices that involve money laundering, the crypto market is one that can be ignored.

“There is a lot of investment moving into the cryptocurrency market, and the tendency is that it will reduce the number of investments in the stock market.

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally, and the entire world is grappling with in terms of cryptocurrency and digital assets.

“For us at the SEC and capital market, it is something to look at, the world cannot be moving forward, and we will be static, no.

“It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.

“A market that has an opportunity for ICOs, derivatives, is not a market we can ignore.

“ It is our desire that we do more work, collaborate as regulators and analyze to make sure that we provide a level playing field where Nigerians, international investors, and whoever is interested in this space will be comfortable and happy.

“I hope that in doing that, we are going to be able to drive foreign portfolio investment, Foreign Direct Investment (FDI) into this country and build our capital market,’’ he said.