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Nigeria May Adopt a Law Legalizing Bitcoin

ByLouis Adams

Dec 20, 2022 #Bitcoin
Reading time: < 1 minute

According to Google Trends, BTC is the most popular currency in Nigeria.

As a result of the pressure from business and the public, the authorities of the country are exploring the possibility of legalizing Bitcoin. The Chairman of the Committee on Capital Markets and Institutions of the House of Representatives, Babangida Ibrahim, has talked about this with the media.

According to him, the authorities expect to amend the 2007 investment and securities legislation, which will allow Bitcoin and other cryptocurrencies to be recognized as a tool for capital accumulation.

After the amendments come into force, the Nigerian Securities and Exchange Commission plans to include digital currencies in the category of investment instruments.

The national digital currency eNaira has previously been launched in the country, but the inhabitants of the country practically do not use it.