Nigerian House of Representatives wants cryptocurrency and other blockchain technologies regulated

by | Apr 26, 2018

The lower chamber of the Nigerian National Assembly — the House of Representatives — has called on the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Commission (NDIC) to come up with a regulatory framework for blockchain technology in the country.

According to Business Day, the call was made after adopting a bill titled ‘Need to regulate blockchain applications and Internet technology’, which was sponsored by a member of the house, Solomon Adaelu.

The bill is a call for Nigeria to switch sides about blockchain technology but this means the apex bank will have to go back on its word.

Last year, CBN’s deputy director in charge of Banking and Payment System, Musa Itopa-Jimoh said the apex bank can’t regulate blockchain because Nigeria doesn’t own the technology. Also the CBN boss, Godwin Emefiele said that the monetary body cannot support situations where people risk their savings, referring to cryptocurrencies trading as gambling.

We can just hope that the CBN and every other appropriate government agencies are considered for input for the proposed bill.

And while there might be hope for the first part of the bill about blockchain, the second part of the bill, which is the regulation of Internet technology, will definitely face attacks from civil societies as with past moves by the government to regulate the Internet.

Mobile & African Tech Enthusiast │ Data Analyst │ Music

Want to learn how to market your business and make more sales online? Register for SME Clinic 2021 and gain skills to grow your business. Get your Early Bird ticket now (offer ends soon).
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More Stories

Subscribe to Techpoint Digest!

A daily roundup of happenings in African and global tech, sent to you every weekday!

You have successfully subscribed!

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

You have successfully subscribed!

Copy link
Powered by Social Snap