In hopes of shedding more light on digital currencies in Nigeria, the Abuja Chamber of Commerce and Industry has prompted a presidential cryptocurrency regulatory Firm.
With most cryptocurrency enforcements being carried out by the central bank of Nigeria alone, the ACCI sees the need for a better-placed authority to look into cryptocurrencies.
Major updates
- The ACCI strongly upholds cryptocurrency advocacy.
- ACCI believes cryptocurrencies should be incorporated in the Financial sector.
- ACCI vice president believes cryptocurrencies are a global phenomenon.
- The ACCI presses toward the positive sentiment of nationwide adoption.
Nigeria being one very viable factor in global crypto markets should mean crypto adoptions are skyrocketing through the roof, although this appears not to be the case. Hindrances, most especially from the central bank of Nigeria, are stifling crypto innovations and activities, thereby massively reducing crypto adoptions. This can be seen in the massive decline in trading volumes and local crypto exchanges.
On the bright side, polices have done well to push Nigeria higher as the top P2P nation in the continent.
Following the recent ban of cryptocurrency purchase and procurement and then the attack on Fintechs, Nigeria appears to be spiraling into an anti-crypto standoff. This is between the crypto advocates in Nigeria and monetary authorities like the Central Bank of Nigeria.
The Abuja Chamber of Commerce and Industry looks to address this. This is prompting for the federal government to launch a cryptocurrency task force. This would stand as a better-placed Assembly to understand and regulate cryptocurrencies in Nigeria. This goes as opposed to CBN measures to dissolve the new money system potentially.
The proposed task force would allow for cryptocurrencies to be utilized within the Nigerian monetary system. This is because cryptocurrencies are a global phenomenon that Nigeria must take part in rather than eradicating, so states the Vice President of the ACCI.
The president of the ACCI, Dr Almujtaba Abubakar proposes the Assembly to be composed of viable personalities from highly placed monetary bodies. This includes the CBN, NSE, the bitcoin community, and several others.
Conclusion
The decision lies in hopes of reducing negative sentiments set in the minds of Nigerians towards cryptocurrency innovations. The ACCI president himself has already made mentions of negative impacts of cryptocurrency adoption in Nigeria. Although, he presses onwards, advising citizens to look onto the positives as they would favor the Nigerian economy far more than disfigure it.
Question of the Day
What do you think of the suggestion by the ACCI?
