The Nigerian Securities and Exchange Commission says it is still working with the central bank. Making a legal structure for cryptos and digital assets.
Nigeria’s Ban Effect
Lamido Yuguda, the director-general of Nigeria’s SEC said the central bank’s crypto ban has created serious interference to the market.
According to a report by The Guardian, the SEC director-general made this statement known during a public interview organized after the meeting of the Capital Market Committee on Thursday.
As previously reported by Cointelegraph, the Central Bank of Nigeria banned commercial banks from operating crypto exchanges back in February.
According to Yuguda, the SEC has been enforced to stop its planned cryptocurrency regulatory structure announced in September 2020.
Ban sprouted like mushrooms as cryptocurrency flight continues
The SEC director-general also maintained that the postponement of the SEC’s crypto regulatory. Plans will remain in place until exchanges can set off the bank accounts in the country.
As part of his address, the chief of SEC sustained that the Commission was working with the CBN in creating an optimal regulatory regime for cryptocurrencies in the country.
According to Yuguda, the crypto ban aside and the SEC continued its actions in making a step in supporting the growth of fintech in Nigeria.
Following the CBN crypto ban, cryptocurrency buying and selling is only doable via peer-to-peer channels ruling to massive premiums on digital money prices.
Politicians getting involved
Last March, the central bank governor remarked that the CBN was not in opposition to crypto trading in the country but that such transactions cannot occur through commercial banks.
In a previous statement shared with Cointelegraph, crypto exchange platform Lumo reacted to the CBN ban stating that “blanket bans push people underground,” adding:
“Pushing people underground also makes it easier for scammers to exploit Nigerians. We are already seeing Bitcoin trade at huge premiums in the country as a result of the ban. Other companies have made the choice to find workarounds that are less visible for regulators. Peer-2-Peer (P2P) trading. Our view is that P2P trading would go against the spirit of the CBN’s directive.”
Meanwhile, Nigeria’s vice president, Yemi Osinbajo has previously asked the regulators to adopt a subtle approach in regulating crypto and blockchain.
According to Osinbajo, cryptocurrency will be challenging traditional finance in the coming years.
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