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According to reports, the Nigerian government will soon adopt a law to recognize Bitcoin and other cryptocurrencies to stay current with "global practices."
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After an interview with Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets, Punch Newspapers in Nigeria reported the news on December 18th.
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According to the report, if the Investments and Securities Act, 2007 (Amendment) Bill is passed, it will allow the local Securities and Exchange Commission "to recognize cryptocurrency and other digital assets as capital for investment."
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Ibrahim stressed that Nigeria must keep up with the latest developments in capital market markets: “Like I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria.
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For us to do that, we have to be up to date [with] global practices.”
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This report came nearly 24 months after Nigeria banned crypto activity in February 2021.
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The Central Bank of Nigeria (CBN) ordered Nigerian cryptocurrency exchanges and service providers to cease their activities and directed banks to close down any accounts of individuals or entities involved in trading.