Senate, the parties concerned Blockchain push for legal cryptocurrency …

The Nigerian Senate opened talks with the interested parties of the Blockchain Technology Association of Nigeria (Siban) on the creation of a legal framework to regulate cryptocurrency exchanges in the country.

The discussions took place on Wednesday 3 September, during an interactive session between the Senate Committee on the capital market, chaired by Senator Osita Izunaso and Siban, led by its president, Obinna Iwuno.

Iwuno observed that Nigeria is in second place globally and first in Africa for adoption of cryptocurrency, but continues to operate without a clear regulatory structure, leaving the country vulnerable to the missing economic opportunities.

“Here in Nigeria, we cannot afford to take the rear seat after being classified globally for adoption of cryptocurrency.

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Africa contributes over 60 percent of blockchain activities, with Nigeria on the head.

The chain chains puts the value of transactions on the blockchain at $ 59 billion.

This is only a fraction of the potential that we can exploit with the right framework, regulation, politics and support of the government, “he said.

He explained that Siban, working as a self -regulation organ, worked with the Securities and Exchange Commission (sec) and the Nigerian financial intelligence unit (Nfiu) to strengthen the ecosystem of digital resources. Citing global tendencies, he referred to the recent Act Genius USA signed by the former president Donald Trump, which allows Stablecoin supported by the dollar to support the global domain of the dollar.

Senator Izunaso, in response, praised Siban’s efforts in promoting digital resources.

“We really appreciate your dedication to promote a safe, innovative and well -regulated digital economy.

“The topics you have proposed, ranging from toynization to the protection of investors and to support policy, align closely with our goals.

“This meeting is an opportunity to model the future of the Nigeria capital market,” he said.

Other members of the Committee, including the senators Victor Umeh, Jibrin Isa and Mustapha Khabeeb, echoed the request to enable the legislation to guide cryptocurrency operations and unlock the potential of the sector.

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