Since February 5, 2021, the Nigerian central bank has expected financial institutions to block crypto-related transactions. The bank demands that privately exchanged cryptocurrencies like bitcoin have no bearing in Nigeria’s ordinary financial framework.
In any case, in spite of the CBN’s mandate to financial institutions and its ensuing crackdown against deviant institutions, Nigerian interest in digital currencies has not faded as peer-to-peer bitcoin volumes keep on appearing. This reality is additionally confirmed by Nigeria’s Securities and Exchange Commission’s (SEC) new rules that govern the players in the crypto industry.
Bukola Saraki was spotted publicly saying that he upholds digital currencies and that he doesn’t think they will wreck the economy. The possible presidential candidate also recommended that there should be regulations and approaches set up to direct players here.
In his comments during a meeting, Saraki, one of the fifteen people looking to turn into the presidential candidate in Nigeria’s upcoming election race, recognized that advanced monetary standards have set out open doors for the nation’s young people. However, he supported issues like tackling money laundering among other things, which the regulators are often worried about.
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.
In the meantime, in the meeting, Saraki actually didn’t frame his arrangements for the crypto industry if he somehow managed to win the Nigerian administration in the upcoming elections.