Stakeholders have commended the decision of the Central Bank of Nigeria (CBN) to approve the continuation of the trade of cryptocurrency in the country, News About Nigeria reports.
The group disclosed this after CBN lifted the ban on crypto transactions in a circular released on Friday.
The founder and coordinator of Blockchain Nigeria User Group, Chimezie Chuta, commended the decision, stating that it is a step in the right direction.
According to him, despite the directive coming at a late date, it was beneficial to the economy of the country as this will lead to regulation.
He noted that the government, through this new directive, will have the power to tax it, adding that regulators and policymakers will be able to take pride in the fact that they have taken a step in the right direction.
He therefore urged the Securities Exchange Commission (SEC) to adhere to the new guidelines that have been stipulated by the CBN to ensure that things run smoothly.
Speaking also on the lift of the ban, the Lead Partner and Head of Block Chain and Virtual Assets Practice at Infusion Lawyers, Senator Ihenyen, noted that by regulating virtual assets rather than resisting them, the CBN and other regulators were in a much better position to ensure the soundness and safety of the financial system.
He added that he was optimistic that the regulators would work hand in hand to ensure that the protection of consumers and the safety of investors remain a top priority, adding that Nigeria can no longer afford to keep pushing digital assets underground, due to economic and security reasons, since the country has remained number one in crypto adoption in Africa and a leading market in the globe.
