The Central Bank of Nigeria, CBN and Securities and Exchange Commission (SEC) have announced a new plan intended at regulating the Cryptocurrency market.
In an announcement, CBN and SEC said a research is to be conducted, aimed finding ways to regulate the crypto market.
This was mentioned during a virtual lecture which was organized by the Association of Capital Market Academics of NIGERIA (ACMAN).
Describing cryptocurrency market as an air that currently could not be caged, Head, Department of Registration, Exchanges, Market Infrastructure and Innovation Department of the SEC, Timi Agama, said the market is currently worth about two trillion dollar, which just could not be ignored.
He went further to say Nigeria could not afford to be static while the rest of the world was moving forward.
Kevin Amugo, the Director of Finance Policy and Regulation Department of the CBN said the earlier ban on cryptocurrency was for the Central Bank to work together with stakeholders to address the anonymity of the technology.
“The way forward for us will be continuous engagement, ongoing consultation and academic research,”
“We are engaging internationally and locally to ensure that we come out with a harmonized and implementable position,” Amugo said at the lecture.
Source: businesszoneonline
