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 Says He Supports Digital Currencies but Wants the Industry Regulated

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

Post a Comment

Popular posts from this blog

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 report, we relis
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

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-day Relative Strength Ind
Post a Comment
Read more