the proposed bill will specify the roles of the Central Bank of Nigeria and the country’s SEC in regard to cryptocurrencies.
Ibrahim stated that the bill is not a complete shift away from restrictive laws in place, only a review of what could be done within the current legal framework. However, he does believe that Nigeria muststated in a press release in September thatThe legal blueprint comes at a time when Nigeria has spent almost 2 years under, and the country’s CBDC, the eNaira, has failed to reach widespread adoption.among the population.
Further endorsement of the eNaira could be hampered by the legal blueprint. “This bill is basically going to create more adoption of cryptocurrencies. Through regulation of this asset class, we might start to see taxing and legal registration if you want to build something in the blockchain space,” says Anointing Aha, Community Manager for Nigeria at global crypto exchange LBank.
For now, Nigeria seems to be moving towards further adoption, but nothing is set in stone. “Nigeria’s presidential election is coming up early next year, and a lot will depend on the new president,” Aha adds.