Nigeria studies recognizing cryptocurrencies as investment capital

West African country Nigeria is studying a bill that could recognize cryptocurrencies as capital for investment

Nigeria has its digital currency (CBDC), called eNaira. Now, the West African country is studying a bill through which cryptocurrencies could be declared as capital for investment.

The announcement was made this Sunday, by the local newspaper Punch, which reported: “The new project aims to raise the level of digital assets in the country until they are recognized as investment capital by the Securities and Exchange Commission.”

Nigeria has taken significant steps towards innovation in blockchain technology and Web3. This new bill, called the “Proposed Securities and Investment Bill, 2007”, could soon be passed by the lower house of Nigeria’s congress.

The press release indicates that the project will also have influence on “supervisory functions by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) with respect to cryptocurrencies.”

Undoubtedly, the objective is to establish clear rules for the regulation and supervision of the proper use of digital currencies as investment capital. Likewise, reduce the risks of crimes such as “money laundering or the financing of practices such as terrorism.”



(Photo:, via web)

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