The Security and Exchange Commission and the Central Bank of Nigeria are two regulatory authorities of Nigeria, and they have decided to hold research in order to govern and regulate the booming Bitcoin and cryptocurrency market of their sectors.
Nigeria Has A Golden Opportunity
Premium Times is a local Nigerian news agency. They published a report stating that both the authorities have come to a mutual decision at the lecture, which was held on the last weekend. Nigeria is ranked amongst the top countries which are using Bitcoin and the cryptocurrency market in general. It was reported that a huge number of Nigerian citizens have been using cryptocurrencies and Bitcoin as an asset and have been storing it for its value and transferring it for buying and purchasing instead of their local and traditional currency.
The SEC’s Markets head, Timi Agama, stated that the cryptocurrency market has a volume of close to $2 trillion, and it is impossible to ignore it. However, the market cap of the crypto market has fallen by almost $500 billion since then. They also emphasized the fact that if Nigeria fails to regulate this massive market, it will get halted economically as the rest of the world goes forward.
He further stated that the number of investments in the cryptocurrency market has been increasing exponentially, and he speculates that this would put the interest of the investors away from the stock market. He emphasized that if the Bitcoin and the crypto market gets regulated by the concerned authorities of Nigeria, it would be comparatively easy for them to adapt to the constant changes in this dynamic cryptocurrency market. This would also create interest for foreign investors to invest in Nigeria.
The head of SEC told that they want to regulate the crypto market in such a way that it creates a fair game for everyone in the hope that the local and foreign investors who are investing long term in order to get better yields stay happy and comfortable.
Nigeria is the 2nd largest country in the world in terms of usage and volume of the crypto market, and Nigeria has over 1.3 million registered accounts, according to Paxful. This shows that the future of this market in Nigeria would grow with security regulations.