Nigeria works on the adoption of cryptocurrencies
The Ministry of Finance of the African country is developing a regulatory framework that involves the use of digital assets and blockchain technology for its implementation in the economy
Nigeria is working on the development of a regulatory framework for the use of cryptocurrencies and blockchain technology within the region.
The sole purpose of this action is to be able to boost the largest economy in Africa, thanks to the work of the country’s Ministry of Finance and the securities regulatory body.
The entity wants to “provide a regulatory environment for Blockchain technology” together with the digital assets of the African region.
Digital assets are categorized as commodities and are governed by Nigerian securities law following the impressive SEC decree on the matter last September. At the time, the SEC said its role was to regulate this new asset class, not to hinder adoption or innovation.
“The overarching goal of regulation is not to hamper technology or stifle innovation, but to create laws that encourage ethical practices that ultimately enable a fair and efficient market”, the Nigerian SEC said.
K. Tovar
Source: Cointelegraph
