Nigeria Minister Calls For Bitcoin Regulation
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Nigerian Minister of State for Budget and National Planning Clem Agba has called for the regulation of Bitcoin and other cryptocurrencies
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Mr. Agba stated that the regulation of cryptocurrencies will promote innovation and allow citizens to access its huge network of opportunities
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The Minister’s pleas come almost one year after the Central Bank of Nigeria, headed by Godwin Emefiele banned cryptocurrencies in the country
Nigerian minister Clem Agba is calling for the regulation of Bitcoin and other cryptocurrencies in the country to promote innovation and allow citizens access to the network of opportunities attached to crypto.
According to a report by Bloomberg, Agba said:
“uncertainty in regulating cryptocurrencies risks denying government and citizens the chance to maximize opportunities from the technology,”
In February 2021, the Central Bank of Nigeria issued a ban on cryptocurrencies, limiting financial institutions from carrying out crypto transactions.
The head of the Apex bank Godwin Emefiele said that the decision was necessary to prevent crimes and mitigate the risks associated with such digital assets.
Ten months later and this Nigerian minister is stepping up to encourage a healthy cryptocurrency space in the country.
Read also: Crystal Palace Becomes the Latest Football Club to Adopt Cryptocurrency
Agba stated that regulation will enable the promotion of Bitcoin and new developments in the industry that could benefit the country.
So far, Nigerians have been forced to access and exchange cryptocurrencies through P2P transactions that limit the need for banks and other financial institutions.
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