{"id":71606,"date":"2022-12-19T10:07:38","date_gmt":"2022-12-19T08:07:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71606"},"modified":"2025-09-08T09:59:45","modified_gmt":"2025-09-08T06:59:45","slug":"media-nigeria-to-back-bill-recognizing-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-nigeria-to-back-bill-recognizing-cryptocurrencies\/","title":{"rendered":"Media: Nigeria to back bill recognizing cryptocurrencies"},"content":{"rendered":"<p>The Nigerian government intends to pass a bill legalising the use of Bitcoin and other digital assets. The report comes from the local newspaper <a href=\\\"https:\/\/punchng.com\/proposed-cryptocurrency-law-to-define-cbns-roles-reps\/\\\">Punch<\/a>, citing Babangidu Ibrahim, chair of the House Committee on Capital Markets and Institutions.<\/p>\n<p>\\n\\n<\/p>\n<p>If amendments to the 2007 Investments and Securities Act are adopted, the local <span data-descr=\\\"Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> could treat cryptocurrencies and other digital funds as capital for investments.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe need an efficient and dynamic capital market in Nigeria. For that, we must keep pace with global practices,\u201d Ibrahim explained.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>He also said that Nigerians had used digital assets, despite their <a href=\"https:\/\/u1f987.com\/en\/news\/nigeria-bans-banks-from-servicing-bitcoin-exchanges\">initial ban in the country<\/a>. The official noted the need to regulate the market and to define the roles of the central bank and the SEC in this.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier in December, Nigerian authorities <a href=\"https:\/\/u1f987.com\/en\/news\/central-bank-of-nigeria-limits-cash-withdrawals-to-promote-cbdc\">imposed withdrawal limits<\/a> as part of their push for cashless alternatives and the expansion of the national digital currency eNaira.<\/p>\n<p>\\n\\n<\/p>\n<p>In August, the central bank said that the local <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> was used to conduct transactions totalling <a href=\"https:\/\/u1f987.com\/en\/news\/nigerias-cbdc-transactions-exceed-9-million\">4 billion Nigerian naira ($9.3 million)<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian government intends to pass a bill legalising the use of Bitcoin and other digital assets. Local newspaper Punch reports.<\/p>\n","protected":false},"author":1,"featured_media":71607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[150],"class_list":["post-71606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71606"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71606\/revisions"}],"predecessor-version":[{"id":71608,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71606\/revisions\/71608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71607"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}