Victor Ugochukwu · Dec 14, 2020 . 5min read
Nigeria’s Ministry presents the Bitcoin Bill before the National Assembly, aims to regulate crypto
The Nigeria's Ministry of Justice has planned to regulate the e-currency space. Thus, on 28th July, it passed the Bitcoin Bill to regulate crypto in Nigeria
By Shilika · Jul 29, 2020 . 5min read
The Nigerian Government is quite keen on regulating digital currency space. Thus, it aims to introduce the required regulatory framework to provide clarity about the Bitcoin industry in the country by presenting the Bitcoin Bill.
In a viral statement on 28th July 2020, Abubakar Malami, the country’s Attorney General asserted that Nigeria’s Ministry of Justice had presented the Bitcoin bill before the National Assembly. If legalized, this will serve as a foundation for the legislative framework for cryptocurrencies and primarily Bitcoin.
Nigeria’s Bitcoin Bill was disclosed in the country’s capital, Abuja in a closed session between judicial reporters. Therefore it gained headlines on some of the prominent newspapers in the country. The bills primarily focused on electronic banking, electronic evidence, digital management and cryptocurrencies. The Nigerian Government aims to broaden its scope in the digital ecosystem as a whole.
The Growth dynamics in Nigeria
Like many other countries, Nigeria is one such country that does not want to overlook the benefits of innovative technology concerning Bitcoin, moreover cryptocurrencies. Hence in July 2019, the Speaker of the country’s House of Representatives demanded clarity on crypto regulations. Rt.Hon.Femi Gbajabiamila advocated about the novelty and strength of Bitcoin. He stressed about the same in the G20 forum in Osaka.
He stated on how Nigerians have pooled in $12 million trading on different cryptocurrency exchange platforms. Moreover, LocalBitcoins alone showed a trading volume of around $2.7 million in June, last year. In terms of the search trends on Google Search Console, Nigeria tops the list of countries in respect to search of cryptocurrencies. Therefore, there is increased awareness of Bitcoin in the country.
The lack of proper regulations have led to several scams in Nigeria. Moreover, the lack of awareness and resources have led to an increase in illicit activities. However, the Nigerians are eagerly looking forward to mass adoption across the country. Therefore, LocalBitcoins have also improved its compliance measures by partnering with Elliptic to fuel the crypto space in Nigeria.
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