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A local Nigerian newspaper reported that Babangida Ibrahim, Chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, claimed that the country will soon pass a law making the use of bitcoin and cryptocurrencies legal. . The bill would amend the Investments and Securities Act 2007 and recognize bitcoin as legal capital for investment.
In February 2021, Nigeria effectively banned the use of bitcoin with a letter prohibiting regulated financial firms from “dealing” with cryptocurrencies. In the same year, Bitcoin Magazine reported that Nigeria had achieved the highest peer-to-peer bitcoin trading volume in the world, and reports from Chainanalysis showed that Nigeria had dramatically accelerated bitcoin adoption.
The newspaper’s report describes how Ibrahim pointed out that Nigeria was lagging behind in regulating the industry, saying, “As I said earlier in the second reading, we need a efficient and dynamic capital market in Nigeria. To do this, we must be at the forefront of global practices. »
If the proposed regulation properly addresses the growing use of bitcoin in the country, it could be a major catalyst for the most populous country on the African continent.
Bitcoin has had a large presence in the country despite the current ban, including the building of a Bitcoin Village, Nigerian Bitcoiners participating in all kinds of development, the philanthropic work of Bitcoin companies, and mining being an active industry the low.
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