The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency trading in the country. Senator Osita Izunaso, the committee chairman, made the statement after a meeting with Dr. Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission (SEC).
“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto”,
“Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market? He added
Senator Izunaso noted that many Nigerians trade bitcoins and other cryptocurrencies. The committee chairman highlighted the positive opportunities for the stock and capital markets to boost Nigeria’s economy.
Based on his view, more central government involvement with these sectors, including crypto, will expand the liquidity base thereby enhancing Naira. SEC’s new Director-General, Dr. Agama also affirmed this and promised to intensify the growth of the capital market to attract investments thereby creating employment opportunities.
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