Nigeria set to pass bill recognizing Bitcoin and cryptocurrencies
The slated law comes as Nigeria's eNaira has only managed to obtain a 0.5% adoption rate 12 months after its launch in Oct. 2021. The Nigerian government will reportedly soon pass a law that will recognize the usage of Bitcoin (BTC) and other cryptocurrencies as a means to keep up to date with “global practices.” The news was reported by Nigerian-based masthead Punch Newspapers on Dec. 18 following an interview with House of Representatives Committee on Capital Markets chairman Babangida Ibrahim. The report stated that if the Investments and Securities Act, 2007 (Amendment) Bill is signed into law it would allow the local Securities and Exchange Commission to “recognize cryptocurrency and other digital funds as capital for investment.” Ibrahim stressed the need for Nigeria to keep up to date with trends and developments in capital markets: “Like I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up...