The roles of the Central Bank of Nigeria, CBN and SEC as regulatory bodies will also be defined as regarding the digital currency.
According to the Chairman of the House of Representatives Committee on Capital Market and Institutions, Babangida Ibrahim, the chamber would soon pass the Investments and Securities Act, 2007 (Amendment) Bill which will allow cryptocurrency and other digital funds to be officially recognized by the Securities and Exchange Commission, SEC.
The CBN had mandated banks and other financial institutions to close all accounts of all entities operating cryptocurrency exchanges noting that dealing with cryptocurrencies and facilitating payments through them were illegal.
