Nigeria develops framework for more crypto acceptance

Africa’s largest economy strongly promotes crypto-acceptance.

The Nigerian Ministry of Finance is in talks with the country’s securities regulator about a new framework for block chaining and crypto currencies. This could accelerate acceptance in Africa’s largest economy.

Business Day, a Nigerian website focusing on market information, reported on Tuesday that the Ministry of Finance is working with the Securities Authority in Abuja to create „a regulatory environment for block chains“ and Bitcoin Profit review. The publication is based on statements by the Ministry’s advisor Amstrong Takang, who spoke at an industry event in Lagos on Tuesday.

Digital assets in Nigeria are defined as commodities and regulated by securities laws following the SEC’s surprise decree on the subject in September. At the time, the SEC said its role was to regulate this new asset class, not to hinder acceptance or innovation.

The SEC Nigeria stated

„The general aim of regulation is not to hinder technology or stifle innovation, but to create standards. These are designed to promote ethical behaviour that will ultimately enable a fair and efficient market“.

Bitcoin (BTC) and other crypto-currencies are increasingly accepted in Nigeria, while the country struggles with capital controls, devaluation and renewed protests against police corruption.

Nigerian officials are eager to use Blockchain and hope to generate $10 billion in revenues from the new technology by 2030.