• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, October 20, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

Experts want SEC, CBN clear directive on cryptocurrency in Nigeria

by NewsNet Nigeria
5 years ago
in Economy
Experts want SEC, CBN clear directive on cryptocurrency in Nigeria
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

Financial experts have stressed the need for the Securities and Exchange Commission (SEC), and Central Bank of Nigeria (CBN) to work together and chart a clear, articulated and progressive course on cryptocurrencies in Nigeria and avoid regulatory overlap.

The experts, who expressed concern at the slow technology penetration in Nigeria, said the nation could not afford to take the backseat in these initiatives given its strategic importance in Africa.

According to them, the regulatory authorities should collaborate and develop a comprehensive regulation that would advance cryptocurrencies technology in Nigeria, and integrate it into its financial ecosystem.

Cryptocurrencies are digital currency in which encryption techniques are used to regulate the generation of units of currency, and verify the transfer of funds, operating independently of a central bank.

For instance, a professor in the Department of Business Law, College of Law, Igbinedion University, Okada, Nat Ofo, said cryptocurrencies and its ancillary blockchain technology had been fingered to revolutionise a lot of industries going forward.

Ofo said: “We are in the age of the Fourth Industrial Revolution, which is powered by technology. cryptocurrencies and its ancillary Blockchain technology have cited to revolutionise a lot of industries going forward. What is quite evident globally at the moment is that Cryptocurrencies have come to stay.

“It is only a matter of time before they replace fiat currencies. Therefore, Nigeria, given its strategic importance in Africa, cannot afford to take the back seat in these initiatives. A lot of Nigerians are transacting on cryptocurrencies these days.

“In fact, there are Nigerian businesses, which are centred on cryptocurrencies-related matters. At the moment many forward-looking nations are already considering developing their central bank digital currencies (CBDC), which would be clothed with legal tender status.”

He applauded the SEC for proposing a legal framework that will regulate crypto-token or crypto-coin investments, urging them to intensify efforts towards accelerating the penetration of the technology in Nigeria, especially in the areas of regulation.

“Cryptocurrencies are now receiving official attention from the government. Just recently, the SEC issued a framework for cryptocurrencies in Nigeria and recognised them as securities generally.

“This is a commendable initial move by the government. The next thing now is to develop and issue a comprehensive regulation in respect of Cryptocurrencies in Nigeria,” he said.

Former Secretary-General, Independence Shareholders Association of Nigeria, Adebayo Adeleke, said: “As long as investors have confidence or assurance, provided by the regulators, people will begin to embrace it as an alternative investment.

“If our own regulators like the SEC put a framework in place, and be willing to assuage investors’ anxiety and concern over the safety of their investment, people will begin to invest in the technology.

“If SEC should provide a sort of guarantee that if anything goes wrong with the cryptocurrencies, they will be able to address those concerns, then investors are willing to invest,” he said.

(The Guardian)

Previous Post

Police in Delta declare ex-minister, Kenneth Gbagi wanted

Next Post

Former Minister, Gbagi gets court order restraining IGP, Delta CP from arresting him

MORE NEWS

Fubara Cancels ₦134bn Secretariat Contract, Demands ₦20bn Refund from CCECC
Economy

Fubara Cancels ₦134bn Secretariat Contract, Demands ₦20bn Refund from CCECC

October 16, 2025
I’m Building Legacies, Not Seeking Gains — Oborevwori Declares at Warri–Sapele–Benin Road Flag-Off
Economy

I’m Building Legacies, Not Seeking Gains — Oborevwori Declares at Warri–Sapele–Benin Road Flag-Off

October 14, 2025
Storm Over DELSU Abraka Jobs: Assembly Probes Breach of Governor’s Approval
Economy

Storm Over DELSU Abraka Jobs: Assembly Probes Breach of Governor’s Approval

October 11, 2025
Delta PDP caucus passes vote of confidence on Oborevwori
Economy

Oborevwori Moves to Ease Pensioners’ Burden, Okays ₦10bn Payout, Reviews Flyover Timelines

October 10, 2025
Next Post
Former Minister, Gbagi gets court order restraining IGP, Delta CP from arresting him

Former Minister, Gbagi gets court order restraining IGP, Delta CP from arresting him

Leave Comment

RECENT STORIES

Delta Police Smash Cult, Armed Robbery Syndicates in Ibusa, Sapele-Warri Axis

From Asaba to Jeddo: Police Intercept 400 Live Cartridges, Arrest Notorious Drug Baron

October 19, 2025
Delta First Lady Inspires 10,000-Step Challenge, Champions Wellness, Unity at ‘You Matter Walk for Life’

Delta First Lady Inspires 10,000-Step Challenge, Champions Wellness, Unity at ‘You Matter Walk for Life’

October 18, 2025
Ekiti, Oct 27: Date with destiny!

Ekiti, Oct 27: Date with destiny!

October 18, 2025
Delta’s Captive Generation: Why We Must Reject the Cycle of Misrule 

Delta’s Captive Generation: Why We Must Reject the Cycle of Misrule 

October 18, 2025
Relief for Over 200 Residents as Senator Dafinone’s Free Medical Outreach Touches Down in Ughelli

Relief for Over 200 Residents as Senator Dafinone’s Free Medical Outreach Touches Down in Ughelli

October 18, 2025

TRENDING STORIES

  • Tompolo Makes Historic ₦10bn Donation to Delta Security Fund

    Tompolo Makes Historic ₦10bn Donation to Delta Security Fund

    0 shares
    Share 0 Tweet 0
  • “A Faithful Soldier of the Cross Has Gone Home” — Family Announces Death of Dr. Uma Ukpai

    0 shares
    Share 0 Tweet 0
  • From Asaba to Jeddo: Police Intercept 400 Live Cartridges, Arrest Notorious Drug Baron

    0 shares
    Share 0 Tweet 0
  • Five-Year Police Persecution: How Ex-Zenith Bank Executive Was Targeted Over Family Feud

    0 shares
    Share 0 Tweet 0
  • Calm Down, It’s a Family Issue — Michael Nwoko Tells Fans Amid Ned-Regina Speculations

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.