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❕NEWS Nigerian Government's Securities Sets Up Fintech Team To Study Crypto

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According to a Sept. 2 report, the SEC has established a dedicated fintech division tasked with studying crypto and blockchain investments and products — knowledge it could then marshal into a future crypto regulatory framework. Director-General Lamido Yuguda told Reuters this week that the agency is "looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain."

Nigeria's SEC, which says that all crypto assets "are securities, unless proven otherwise," will only be able to establish a regulatory framework if crypto is once again integrated into the country's banking system.
This is a good news to Nigerians, it is my hope cryptocurrencies are reintegrated.
 
According to a Sept. 2 report, the SEC has established a dedicated fintech division tasked with studying crypto and blockchain investments and products — knowledge it could then marshal into a future crypto regulatory framework. Director-General Lamido Yuguda told Reuters this week that the agency is "looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain."

Nigeria's SEC, which says that all crypto assets "are securities, unless proven otherwise," will only be able to establish a regulatory framework if crypto is once again integrated into the country's banking system.
This is a good news to Nigerians, it is my hope cryptocurrencies are reintegrated.
In the long run, Nigeria is one country I see that will accept and integrate cryptocurrency into it's financial system. It is yet to ban it outrightly and has already introduced a digital currency which are good steps forward.
 
Lol that's actually where we find ourselves this day , well let's just hope the job would be done right and be done for the interest of the masses .
I don't know if anything from Nigeria will really favour the citizens, most of the programs are for the elites and based on connections, this fintech is of know difference if you analyze it well.
 
In the long run, Nigeria is one country I see that will accept and integrate cryptocurrency into it's financial system. It is yet to ban it outrightly and has already introduced a digital currency which are good steps forward.
you're right because if the band was to be fully implemented there are ways that they can even check and ensure peer-to-peer transactions are not carried out by Nigerians so this is just a partial ban for them to study cryptocurrencies.
 
you're right because if the band was to be fully implemented there are ways that they can even check and ensure peer-to-peer transactions are not carried out by Nigerians so this is just a partial ban for them to study cryptocurrencies.
It won't be surprising to find out they are actually using it. With such a poor economy, it's possible that cryptocurrency can provide a means of salvaging things.
 
Let us be optimistic, gradually Nigerla will embrace Crypto currencies but right mechanisms must be put in place to curb money laundering and terrorism activities
Money laundering will always be done irrespective of the status quo of cryptocurrency in the country. It might even be less with cryptocurrencies as some transactions can be traced.
 
Money laundering will always be done irrespective of the status quo of cryptocurrency in the country. It might even be less with cryptocurrencies as some transactions can be traced.
I also share your opinion because digital transaction can easily be traced as they can't be hidden the way some people hide physical cash.
 
That is very good news for the Nigerians. I hope the results and analysis of the study will show them that cryptocurrencies are beneficial. Then they can stop banning them.
 
Let us hope for that in less than 6 months they will be able to carry out their studies and come up with a comprehensive and positive results to be recommended to the Central Bank of Nigeria.
 
I hope this one will bring out good result after all the consultation they will make because those people don't invest or like any thing that will not be under there total control.
 
Let us hope for that in less than 6 months they will be able to carry out their studies and come up with a comprehensive and positive results to be recommended to the Central Bank of Nigeria.
I really hope so too. I am glad that the Nigerian government is taking time to study the cryptocurrencies. It means there is still hope of unbanning then.
 
I really hope so too. I am glad that the Nigerian government is taking time to study the cryptocurrencies. It means there is still hope of unbanning then.
The dimension the Central Bank and the commercial banks in Nigeria took recently it's not really encouraging and is not a sign that they are going to legalize the use of cryptocurrencies very soon.
 
The dimension the Central Bank and the commercial banks in Nigeria took recently it's not really encouraging and is not a sign that they are going to legalize the use of cryptocurrencies very soon.
To be frank, I expected such from the government given how less attracted people are to the enaira. I guess this is a way to salvage the situation by the CBN.
 
It is a good news that has been long overdue, that is what the masses want so that there business on cryptocurrency can continue. All we need is the regulations the activities of cryptocurrency in order not to be abuse.
 
It's been long we heard about the fintech research and until now, we have not seen any report from the investigative team that was set up. It's pretty sad that my country don't take things seriously.
 
To be frank, I expected such from the government given how less attracted people are to the enaira. I guess this is a way to salvage the situation by the CBN.
the government should still be fully aware that even if they move to ban cryptocurrencies people will not still make use of the E-naira.
 
I think this what they should have done a long time before banning crypto trading by the central bank of the country. I hope the fintech company come up with something viable within the shortest possible time so that the citizens can start trading their crypto transactions again.
 
My country always about talking and more talks with no implementations. I hope this will come to be, because we will all benefits from it if it is as stated
This is the major problem that most African countries are facing. There is always slow or no implantation to whatever they outmark as their actions. I don't think any remarkable step has been taken towards this ever since the report
 

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