Skip to main content

Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated

https://motleybloggers.com/wp-content/uploads/2022/05/nigerian-presidential-hopeful-says-he-supports-digital-currencies-but-wants-the-industry-regulated.jpg



Nigerian presidential hopeful, Bukola Saraki, recently said he supports the digital currency industry which he claimed has created opportunities for the country’s youth. However, he insisted that there is a need for the enactment of laws that guide players in this space.


Digital Currencies Create Opportunities for the Youth


One of Nigeria’s presidential aspirants, Bukola Saraki, was recently quoted saying he supports digital currencies and that he does not think they will wreck the economy. The presidential hopeful nevertheless suggested that there must be legislation and policies in place to guide players in this space.


In his remarks during an interview, Saraki, one of the fifteen individuals seeking to become the opposition’s candidate in Nigeria’s upcoming presidential elections, acknowledged that digital currencies have created opportunities for the country’s youth. He said:


I also think it has helped especially the young generation in creating jobs and opportunities. And anything that creates jobs and an enabling environment for people to do their businesses, I am in support of that. So, yes, I am in support of that.


Saraki reiterated, however, that money laundering and abuse concerns that regulators often raise including the Central Bank of Nigeria (CBN) must be addressed.

Nigerians’ Love Affair With Crypto Assets


As previously reported by MotleyBloggers.com News, the Nigerian central bank has since February 5, 2021, required financial institutions to block crypto-related transactions. The bank insists that privately issued cryptocurrencies like bitcoin have no place in Nigeria’s conventional financial system.


However, despite the CBN’s directive to financial institutions and its subsequent crackdown against errant institutions, Nigerian interest in digital currencies has not waned as peer-to-peer bitcoin traded volumes continue to show. This fact is further evidenced by Nigeria’s Securities and Exchange Commission (SEC)’s recent announcement of rules and guidelines that govern the players in the crypto industry.


Meanwhile, in the interview, Saraki still did not outline his plans for the crypto industry if he were to win the Nigerian presidency. At the time of writing, reports had emerged that Saraki had lost the race to become People’s Democratic Party candidate to Atiku Abubakar.




Tags in this story

What are your thoughts on this story? You can let us know in the comments section below.








Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

















Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




Read disclaimer




Origina post from
https://motleybloggers.com/nigerian-presidential-hopeful-says-he-supports-digital-currencies-but-wants-the-industry-regulated/

Comments

Popular posts from this blog

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...