According to <a href="https://punchng.com/proposed-cryptocurrency-law-to-define-cbns-roles-reps/" target="_blank" rel="nofollow noopener">reports</a>, Nigeria is set to approve a law that would acknowledge the use of <a href="https://www.cryptoknowmics.com/news/israeli-court-rules-officials-can-seize-crypto-in-150-blacklisted-wallets">Crypto</a> and <a href="https://www.cryptoknowmics.com/news/shares-of-bitcoin-miner-argo-blockchain-banned-in-uk-and-us">Bitcoin</a> as a way to stay in line with global standards.
<h2>Nigeria to Approve Law For Crypto and Bitcoin</h2>
Following a conversation with the chairman of the House of Representatives Committee on Capital Markets, Babangida Ibrahim, Punch Newspapers, a Nigerian publication, broke the news on December 18.

According to the article, the local Securities and Exchange Commission would be able to recognize Crypto and Bitcoin (other digital monies) as capital for investment if the Investments and Securities Act, 2007 (Amendment) Bill were to become law.
<h2>Need for Effective and Active Market</h2>
Ibrahim emphasized the need for <a href="https://www.cryptoknowmics.com/news/binance-and-nigeria-are-in-talks-to-create-a-digital-economy">Nigeria</a> to be current with capital market trends and advancements. He said at the second review that Nigeria needs an effective and thriving capital market.

The publication comes nearly 24 months after Nigeria outlawed <a href="https://www.cryptoknowmics.com/news/amber-group-acquires-300-million-via-fundraising">cryptocurrency</a> trading in February 2021. At that time, the Central Bank of Nigeria (CBN) ordered all cryptocurrency exchanges and service providers in the country to halt operations and directed banks to shut the accounts of any people or organizations discovered to be trading.
<h2>Official Status of Bitcoin and Cryptocurrencies</h2>
Ibrahim, President of Nigeria from 1985 to 1993, claims that the law's passage does not represent a complete reversal of the prohibition but rather a secondary examination of the CBN's authority.

The CBN found that the majority of these investors do not utilize local accounts when bitcoin was first outlawed in Nigeria. Therefore, they fall outside of the CBN's purview. According to the article, the bill would specify the regulatory responsibilities of the Central Bank of Nigeria and Nigeria's <a href="https://www.cryptoknowmics.com/news/sec-targets-atlas-trading-founders-for-alleged-twitter-and-discord-scam">Securities Exchange Commission (SEC)</a> on topics connected to digital currencies in addition to granting official status to Crypto and Bitcoin.

Nigeria Plans to Approve Law Recognising Crypto and Bitcoin

Nigeria is set to approve a law that would acknowledge the use of Crypto and Bitcoin as a way to stay up with global standards.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Nigeria Plans to Approve Law Recognising Crypto and Bitcoin

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