The Nigerian Treasury Department is apparently in talks with the country’s securities regulator to work out a new legal framework for blockchain technology and cryptocurrencies. A step that could promote acceptance in Africa’s largest economy.
Business day, A Nigerian Market Intelligence publication reported on it Tuesday The Treasury Department is working with the Abuja-based Securities and Exchange Commission (SEC) to provide “a regulatory environment for blockchain technology” and digital assets. The publication quoted Ministerial Advisor Armstrong Takang speaking at an industry event in Lagos on Tuesday.
Digital assets are classified as commodities and are subject to the Nigerian Securities Act following the impressive SEC decree on the matter last September. At this moment The SEC said its job is to regulate this new asset class, not to hinder its adoption or innovation.
Agree to the Nigerian SEC:
“The general goal of regulation is not to impede technology or stifle innovation, but to create laws that promote ethical practices that ultimately enable a fair and efficient market.”
Bitcoin (BTC) and other cryptocurrencies are increasingly adopted in Nigeria while the country struggles against police corruption with capital controls, devaluation and new protests.
Nigerian officials appear ready to take advantage of blockchain technology. hoping to generate $ 10 billion in sales from new technologies by 2030.