Friday, February 3, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Cryptocurrency

SEC Introduces Special Division To Study The Crypto Market, Nine Months Post CBN Ban

Raymond Egbadu by Raymond Egbadu
September 3, 2021
in Cryptocurrency, Government
0

Nine months after the Central Bank of Nigeria placed a ban on crypto trading in the country, the Securities and Exchange Commission (SEC) has announced its new division that will study the cryptocurrency market. According to SEC, the new division will help analyze the cryptocurrency industry and enable the federal government to create regulatory guidelines for the sector. This was disclosed by Lamido Yuguda SEC’s Director-General – in an online interview with Reuters yesterday.

Related posts

Electronic Transfer Levy

Nigerians React To FG’s Imposed Levy On Recipients To Electronic Money Transfer.

January 13, 2023
The NBC Fines MultiChoice and Its League of Broadcasters for Televising Insurgent Documentary.

The NBC Fines MultiChoice and Its League of Broadcasters for Televising Insurgent Documentary.

August 5, 2022

“We are closely examining the crypto market to look for ways through which we can implement regulatory policies that will help investors protect their assets on the blockchain technology,” he said.

The commission believes that the crypto market can be under regulatory control since they also involve securities transactions. He also said that the regulation will become effective as soon as the CBN lifts its restrictions on crypto trading in Nigeria.

While the SEC Director-General did not disclose when the ban will be lifted, it is likely going to occur soon.

The Securities Exchange Commission also expressed its desire to work with top fintech companies to enhance the quality of domestic securities, which can stop capital flight.

This recent development has expectedly sparked a debate among crypto experts in the Nigerian space, with many believing this decision could have been made a long time ago. Experts agree that the move will enable domestic fintech companies and cryptocurrency platforms to join forces and aid the Securities Exchange Commission, by creating innovative solutions that will boost the Nigerian economy.

Chief Executive Officer and founder of Walletcloud — Mayowa — who is a cryptocurrency expert said

“If this had come up a long time ago, it would have perhaps resulted in the fastest regulation in the nation’s history. However, if this move pays off, the CBN may have no option but to lift the ban on cryptocurrency transactions in the country.”

According to the Securities Exchange Commission, they — not the Central Bank of Nigeria — are responsible for developing an effective support structure for crypto trading in the country.

Mr. Lamido Yuguda also disclosed that the recent announcement on the launch of a digital currency — the e-Naira — is a result of the combined efforts between the Commission and the Central Bank.

Regardless of the ban imposed by the CBN on crypto trading in Nigeria, the Nigerian crypto market remains the second largest globally. This year’s figures for peer-to-peer transactions in the Nigerian space are more than twice the numbers last year. Crypto education is increasing rapidly in the country and more people are happy being paid in cryptocurrency.

“These market signals are making the Dollar becoming stronger than the Naira and this is not a good thing for the economy. One of the basic concepts of cryptocurrency is its decentralized nature — nobody has regulatory powers over it, ” Mayowa said.

“The SEC’s main objective is to create effective measures that would offer the government much control on cryptocurrency. It will be nice to see how the crypto market will react to the regulatory policies to SEC is planning to implement.”

Total
0
Shares
Share 2
Tweet 0
Pin it 0
Share 0
Tags: cryptocurrencygovernmentnigeriasecSecurities and Exchange Commission
Previous Post

Rack Centre, PwC Webinar Series To Champion The Next Africa Digital Frontiers

Next Post

Rwanda’s New SIM Registration Policy Aimed At Curbing Fraud

Next Post
Rwanda’s New SIM Registration Policy Aimed At Curbing Fraud

Rwanda’s New SIM Registration Policy Aimed At Curbing Fraud

RECOMMENDED NEWS

Outdated Apps on Google Play Store Will be Booted Out By November 2022.

Outdated Apps on Google Play Store Will be Booted Out By November 2022.

9 months ago
Solarise Africa, A Kenyan Energy Company Has Received $5.9m In Funding

Solarise Africa, A Kenyan Energy Company Has Received $5.9m In Funding

1 year ago
Binance Ranks Nigeria As The Leading Country Per Capita For Bitcoin And Cryptocurrency Adoption In The World

Binance Ranks Nigeria As The Leading Country Per Capita For Bitcoin And Cryptocurrency Adoption In The World

1 year ago
The African Energy Chamber Bargains With The E.U To Replace Russia’s Domineering Natural Gas Supply Chain

The African Energy Chamber Bargains With The E.U To Replace Russia’s Domineering Natural Gas Supply Chain

11 months ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa app banking CBDC cbn central bank of nigeria cloud cryptocurrency Crypto market cybersecurity e-commerce e-naira east africa ecommerce economy enterprise fintech funding Fundraising google government inec internet investment kenya License microsoft mtn ncc nigeria Nigerian Communications Commission Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa

Featured Categories

App
19 Posts
View Posts
Banking
17 Posts
View Posts
Business
7 Posts
View Posts
Cryptocurrency
27 Posts
View Posts
Cybersecurity
13 Posts
View Posts
East Africa
23 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
31 Posts
View Posts
Event
9 Posts
View Posts
Fintech/Finance
83 Posts
View Posts
Funding
29 Posts
View Posts
Gadget
11 Posts
View Posts
Government
55 Posts
View Posts
Insight
4 Posts
View Posts
Internet
20 Posts
View Posts
Investment
18 Posts
View Posts
Nigerian/African Tech
31 Posts
View Posts
North Africa
2 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
2 Posts
View Posts
Service
8 Posts
View Posts
Social Media
19 Posts
View Posts
Southern Africa
17 Posts
View Posts
Startup
83 Posts
View Posts
Telecom
36 Posts
View Posts
Transport
11 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
41 Posts
View Posts
No Result
View All Result
Loading
  • Audi South Africa
    Audi Invest R45 Million In South Africa To Deploy EV Charging Infrastructure.
    • February 1, 2023
  • Starlink Nigeria.
    Elon Musk’s Starlink Satellite Internet Service Finally Debuts In Nigeria.
    • February 1, 2023
  • Amazon & Stripe
    Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.
    • January 25, 2023
  • Airtel eSIM
    Airtel Launches eSIM Technology In Nigeria
    • January 25, 2023
  • Mafab Communication Debut 5G Cellular Data In Nigeria.
    • January 24, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Audi Invest R45 Million In South Africa To Deploy EV Charging Infrastructure.
  • Elon Musk’s Starlink Satellite Internet Service Finally Debuts In Nigeria.
  • Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In