Cryptocurrency Ban: SEC, CBN to provide level field for investments

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The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the cryptocurrency market.

They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja on Sunday.

The Head of Department, Registration, Exchanges, Market Infrastructure and Innovation Department of SEC, Timi Agama, described cryptocurrency market as an air that could currently not be caged or regulated.

He noted that cryptocurrency is a market of about two trillion dollars which could not be ignored.

According to him, ”the world cannot be moving forward and we will be static.”

Mr Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency was a market to look into.

“There is a lot of investment move into the cryptocurrency market and the tendency is that it will reduce the amount of investments in the stock market.

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets.

“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.

Source: PREMIUM TIMES

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