Nigeria Is Considering Legalising Bitcoin Use

According to a local Nigerian newspaper, Nigeria will soon approve a law allowing the use of Bitcoin and other cryptocurrencies.

According to Babangida Ibrahim, head of the House of Representatives Committee on Capital Markets and Institutions. The measure would recognize Bitcoin as acceptable investment capital and amend the 2007 Investments and Securities Act.

Nigeria's Bitcoin History

Nigeria essentially prohibited the use of bitcoin in February 2021 by forbidding authorized financial institutions from dealing with cryptocurrencies in a letter. In the same year, data from Chainanalysis and Bitcoin Magazine indicated that Nigeria had significantly accelerated the adoption of Bitcoin investment and had reached the highest amount of peer-to-peer trading in the entire globe.

In the newspaper article, Ibrahim was quoted saying

“As I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date with global practices.”

This would mean adopting and utilizing Bitcoin for investment as soon as possible.

If the new regulation effectively addresses the rising use of Bitcoin there, it might be a huge factor for the most populous nation on the continent of Africa. This might have huge consequences for the future of Nigeria if the use of cryptocurrencies becomes more common and global.

Bitcoin Village and Development

Despite the present restriction, Bitcoin has a significant presence in the nation, with the creation of a Bitcoin village, Nigerian Bitcoiners participating in a variety of development projects, charitable work from Bitcoin companies, and mining being a thriving industry there.

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