NIGERIA ONLINE SEC of Nigeria will not make cryptocurrencies part of its targets 2 months ago Samuel Post Views: 109 Despite the popularity of cryptocurrencies in the country, the Securities and Exchange Commission (SEC) of Nigeria has no plans to make crypto part of its digital asset trading goals. That is, at least not until regulators there can agree to standards that keep investors safe, the SEC’s general director said last Sunday. The SEC is avoiding the digital currency as crypto exchanges still have no access to the banking platform required to drive their trades in Nigeria, Director-General Lamido Yuguda told reporters in Lagos, per a Bloomberg News report. The commission will promote investment in “sensible digital assets,” with investment protection while also looking into blockchain technology to drive virtual and traditional investment products, Yuguda said. “The commission is in the business of protecting investors, not in the business of speculation,” – he said, alluding to volatility concern in cryptocurrencies. As the digital assets market evolves, the SEC could promote crypto, said Yuguda, adding that for the moment, “any asset that is traded in the Nigerian capital market requires the joint approach of different regulators.” Cryptocurrencies have become a part of everyday commercial transactions in Nigeria, PYMNTS noted recently, so much so that it’s No. 11 in the top 30 countries in Chainalysis’ Global Crypto Adoption Index. In an interview earlier this year with PYMNTS, Owen Odia, Nigeria country manager at global cryptocurrency business Luno, said that Nigerians’ fondness for crypto was driven by three factors. First, there’s an interest in currencies like bitcoin as a speculative investment. In addition, Nigerians see crypto as a hedge against inflation, and a way to make international payments to merchants that don’t accept the local naira currency. The role digital currencies play in facilitating cross-border international payments cannot be discounted either, making funds move faster and removing the friction experienced by users who would otherwise have to deal with several intermediaries along the way. “If you’re using your traditional banking system, you probably have to go to three middlemen, and when the money eventually gets to the final beneficiary, you can imagine how much would have been taken from it and the time it would take,” – Odia argued. Source: pymnts.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: crypto, Nigeria, transactions Continue Reading Previous How to watch eSports from anywhereNext 10 secrets of successful online football betting More Stories ONLINE SOUTH AFRICA The Rise of Mobile Gaming in South Africa 2 days ago Szarlot ONLINE WORLD NEWS TVBET enhances its iGaming footprint through St8 partnership 3 days ago Iwo Bulski ONLINE “Ice Breaker”, cyberattacks targeting gaming and gambling industry 3 days ago Szarlot KENYA ONLINE The State of Gaming and E-sport Space in Africa 4 days ago Samuel LOTTERIES NIGERIA Commission DG inspects lottery facility ahead national games 4 days ago Szarlot ONLINE SOUTH AFRICA The Competitive Gaming Scene In South Africa 4 days ago Szarlot ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 5 days ago Iwo Bulski ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 5 days ago Szarlot ONLINE WORLD NEWS Technamin appoints Hmayak Manukyan 5 days ago Samuel LOTTERIES NIGERIA Meet the Real Owner of Baba Ijebu 6 days ago Szarlot NIGERIA ONLINE Does Nigeria really have the biggest gambling industry in Africa? 1 week ago Szarlot NIGERIA ONLINE Safest Betting Apps for Nigerian Players 1 week ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.