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Senate committee calls for regulation of cryptocurrency in Nigeria

Senate committee calls for regulation of cryptocurrency in Nigeria

The Senate committee on capital market, on Monday, called for the regulation of cryptocurrency in Nigeria.

The committee said the regulation was to ensure some level of accountability and protection of investor’s funds.

The chairman of the committee, Sen. Osita Izunaso, said this when he briefed journalists in Abuja after the committee’s screening of Dr Emomotimi Agama, the newly appointed director-general of the Securities and Exchange Commission (SEC) and three executive commissioners behind closed-door.

“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto.

“Since Nigerians are trading in crypto, why are we not regulating it. Where is the money going if we don’t regulate activities in the crypto market?

READ ALSO: CRYPTOCURRENCY: American brothers arrested for stealing $25 million in 12 seconds

“You can’t stop them from trading in the crypto market. So, because we can’t stop them, you have to regulate it,” he said.

He also said that investing in stock exchange and capital market would help to boost Nigeria’s economy.

“President Bola Tinubu has told Nigerians that he is looking for a N1 trillion economy. That can only be done through the stock exchange, through the capital market.

“And I believe that we are going to see more of government activities in stock exchange, in capital market, in commodities exchange, in crypto.

“This is because these are the areas that will further inject money into the system.

“Because the problem we have is the problem of liquidity. We don’t have enough money, we don’t have enough liquidity in the system,” he said.

He added: “That is what is crushing the naira and making the naira so little when it’s competing with other currencies. But if we develop our capital market, develop our crypto market, we will bring more liquidity into the system.

“That will help to cushion all the problems we have.”

Also speaking, Mr Agama promised to accelerate development of the capital market in a manner that would boost wealth creation, attract investments and create jobs for Nigerians.

“We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market.

“We are going to turn it around. That is the essence of our appointment by President Bola Tinubu. With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

“So, we should all wait to see what is going to happen. Our desire is to move this market forward. And to help in achieving the President’s N1 trillion economy in the shortest possible time.

“Yes, the President is going to be a year in office in a few days. That is remarkable because as an anniversary giver, the President has given us to Nigerians to do the best to change the market,” he said.

Mr Agama also said that the commission would introduce innovations programmes that would create world-class companies in such a way that would ensure redistribution of wealth.

 

(NAN)

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