Pressure is mounting on the Federal Government of Nigeria to reconsider its earlier stance on cryptocurrency trading.
The Central Bank of Nigeria had banned cryptocurrency trading, declaring the digital currency as illegal, an action largely criticised by stakeholders.
During the week, there were more calls for the government to revisit its decision and reintroduce cryptocurrency trading, as the digital currency continues to gain acceptance on the global stage.
Just this week, Coinbase, the United States’ largest cryptocurrency exchange, was listed on the Nasdaq stock exchange, on an initial public offer of $250, valued at $91bn on its debut.
On Thursday, the CBN and Securities, the country’s monetary and capital market regulators, were reportedly in talks on crypto market regulation.
The meeting was said to have centred on how to better understand and regulate the cryptocurrency market in the country.
Earlier, the Nigerian Vice President, Yemi Osinbajo, had admitted that cryptocurrency was a global phenomenon, which nations must address rather than run away from.
In a statement on Friday, the Abuja Chamber of Commerce and Industry called on the government to set up a presidential commission on cryptocurrency in view of the surging intrusion of bitcoin into global and local financial systems.
The President of ACCI, Al-Mujtaba Abubakar, said the chamber was seeking a review of the cryptocurrency policy frameworks.
He said the proposed commission should assess successful, failing and failed frameworks globally, and integrate and domesticate successful models for Nigeria’s draft policy framework.
“The commission should propose plan of action for phased usage of the technological currency within the Nigerian financial system.
“We suggest that members of the commission should be drawn from CBN, Nigerian Stock Exchange, banking and other financial institutions, bitcoin community, digital currency experts, organised private sector as well as relevant Ministries, Departments and Agencies,” the ACCI boss said.
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