Quantcast
Top Nigerian Politician Supports Regulation of Cryptocurrencies in Nigeria
  • About
  • Contact
  • Content Policy
  • Partners
JOIN TELEGRAM
BlockNewsAfrica
Advertisement
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin
No Result
View All Result
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin
No Result
View All Result
BlockNewsAfrica
No Result
View All Result
Home Countries Nigeria

Top Nigerian Politician Supports Regulation of Cryptocurrencies in Nigeria

BlockNewsAfrica by BlockNewsAfrica
July 26, 2019
in Nigeria, Regulation
0
Top Nigerian Politician Supports Regulation of Cryptocurrencies in Nigeria
  • Save
Share on FacebookShare on Twitter

The Speaker of the Nigerian House of Representatives, Femi Gbajabiamila, has asked for a legal framework for the usage of cryptocurrencies in Nigeria.

Gbajabiamila is advocating for clear cut regulations on digital assets in Nigeria due to the speed at which the industry is growing, to prevent Nigeria from playing catchup in the future. According to a report by Daily Post Nigeria, the Speaker made these sentiments known during a visit by the board of the Nigerian Deposit Insurance Corporation (NDIC).

On the issue of cryptocurrency, I think blockchain technology is novel and coming up strong. We don’t want to be left behind.

  • Save
Femi Gbajabiamila – Speaker of House of Representatatives

He then cited the focus placed on blockchain technology at the latest G20 meeting:

Not too long ago, a group of world leaders, G20 met in Osaka, Japan and one of the issues they discussed was block-chain technology and cryptocurrency. They had a sub-group of leaders called the V20 established from that meeting. It’s an assemblage of virtual currency representatives.

I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously.

Nigeria currently leads the Google Trends chart for the Google Search keyword “Bitcoin” and “Buy Bitcoin”. These statements made by the Speaker provides a great opportunity for the growth of blockchain technology as the unregulated nature of the industry has brought about uncertainty among the general public on cryptocurrencies in Nigeria.

Gbajabiamila also indicated that the House is ready to put in the work needed for the regulatory framework that makes it safer and easier for the growth of cryptocurrencies in Nigeria as he fills it will put the country in the same conversation as other technologically advanced nations. He said:

“The House is ready to work with you on that so that we don’t get left behind, and within legislation and regulation of block-chain application that will put Nigeria within that rank of advanced technology.”

Nigeria is a booming tech landscape with a huge development in financial technology over the years. For instance, Nigerian fintech companies raised $17.6m in the first quarter of 2019, an 8.5% jump from the same time last year according to the Nigerian Startup Funding Report.

bitcoin-google-tend-charts-highlighting-potential-of-cryptocurrencies-in-nigeria
  • Save

With such a rapidly growing financial ecosystem, cryptocurrencies stand a great chance to disrupt the status quo in Nigeria, due to their advanced functionalities over traditional systems.

Regulation has been a major factor for the lack of cryptocurrency adoption across the continent and developments like these provide prospects for a better future.

Femi Gbajabiamila Image Source - Premium Times Nigeria

  • Save
Lofi DeFi Lofi DeFi Lofi DeFi
Previous Post

Ekiti State University Hackathon Set To Focus on Blockchain Technology

Next Post

First black-owned Blockchain VC firm, South African Digital Assets Partnership Launches.

BlockNewsAfrica

BlockNewsAfrica

BlockNewsAfrica is a Ghanaian based media company that will provide information and data on the developments in the cryptocurrency and blockchain technology industry on the African Continent.

Related Posts

Wallet To Wallet Transfers – Binance Adds Naira (NGN) Cash Transfer
  • Save
Nigeria

Wallet To Wallet Transfers – Binance Adds Naira (NGN) Cash Transfer

by BlockNewsAfrica
November 28, 2020
Major African Remittance App ChipperCash Adds Bitcoin
  • Save
General Crypto News

Major African Remittance App ChipperCash Adds Bitcoin

by Kojo Owusu
November 18, 2020
InksNation “Blockchain” Project Founder Wanted – The Nation Newspaper
  • Save
Nigeria

InksNation “Blockchain” Project Founder Wanted – The Nation Newspaper

by Kojo Owusu
November 16, 2020
How Alternative Crypto, FlashCoin Is Taking Over University Campuses in Nigeria
  • Save
Featured

How Alternative Crypto, FlashCoin Is Taking Over University Campuses in Nigeria

by Kojo Owusu
October 29, 2020
binance-trx-ngn-promo
  • Save
Nigeria

Binance Launches TRX/NGN Trading Competition In Nigeria

by BlockNewsAfrica
October 14, 2020
Next Post
  • Save

First black-owned Blockchain VC firm, South African Digital Assets Partnership Launches.

Things You Should Read

What is Uniswap? Decentralized Exchange and DeFi Powerhouse
  • Save

What is Uniswap? Decentralized Exchange and DeFi Powerhouse

September 16, 2020
African DeFi Project Swirge Partners With JustLiquidity Ahead of Presale
  • Save

African DeFi Project Swirge Partners With JustLiquidity Ahead of Presale

October 4, 2020
Insights: After Reaching 4 Million Users, Luno Enters Kenya and Ghana Next
  • Save

Insights: After Reaching 4 Million Users, Luno Enters Kenya and Ghana Next

July 6, 2020
Legitimate Ways To Earn Bitcoin in Africa
  • Save

Top Nigerian Exchanges and Their Trading Fees Compared

August 19, 2020
Facebook Twitter Instagram Youtube
BlockNewsAfrica

Cryptocurrency and blockchain news by Africa for Africans: We provide the latest news, updates, and developments from the African continent.

Find Tags

Algorand Binance Binance Coin (BNB) Binance P2P Binance USD Bitcoin (BTC) Bitcoin ATMs bitfxt Blockchain Blockchain and AI Africa Conference Bundle Buycoins Africa CryptoLocally DASH Earn Crypto eBitcoinics ERC 20 Ethereum Exchanges Fiat-On-Ramps FLASH FlashCoins Ghana Cedi ICE3X Jobs Litecoin LocalBitcoins LocalCryptos Luno Mobile Money NaijaCrypto Naira (NGN) P2P Exchange P2P Trading Paxful Privacy Quidax Remitano Ripple Tether USD Trading Tron (TRX) Twitter VALR YellowCard

Disclaimer: Information like articles, reviews, and tutorials found on BlockNewsAfrica is not investment advice. You are encouraged to do your own research (DYOR) before making any important decisions. You can always refer to our content policy.

© 2020 BlockNewsAfrica - Your ultimate African cryptocurrency companion.

No Result
View All Result
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin

© 2020 BlockNewsAfrica - Your ultimate African cryptocurrency companion.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Share via
Facebook
Twitter
LinkedIn
Mix
Pinterest
Tumblr
Skype
Buffer
Pocket
VKontakte
Xing
Reddit
Flipboard
MySpace
Delicious
Amazon
Digg
Evernote
Blogger
LiveJournal
Baidu
NewsVine
Yummly
Yahoo
WhatsApp
Viber
SMS
Telegram
Facebook Messenger
Like
Email
Print
Copy Link
Powered by Social Snap
Copy link
CopyCopied
Powered by Social Snap