The House of Representatives underscored on Tuesday the urgent need to uphold national security and equity in the best interest of the nation’s economy as Nigerians continue to grapple with the challenges associated with digital assets, cryptocurrency, money transfer operators, payment gateways, and platforms. “These advancements in financial and other technology have enabled the emergence of novel service providers like cryptocurrency exchanges (Binance, Coinbase, Kraken, etc.) “Already, the recent actions by the government have resulted in cryptocurrency exchanges suspending the buying and selling of USDT and USDC with Naira, which is to the detriment of the Nigerian consumer. There are also questions about the processes and costs involved in the creation of the e-naira and its current status on the global cryptocurrency platform considering the current disposition of the government,” he noted. The House also mandated its Committee on National Security to superintend the engagement of the office of the NSA, other relevant agencies, cryptocurrency exchanges, and stakeholders in tracking, identifying, and recovering illicit and laundered funds or assets.

Source: Nigerian Tribune March 06, 2024 08:03 UTC