NIGERIA ONLINE SEC of Nigeria will not make cryptocurrencies part of its targets 1 year ago Samuel Post Views: 183 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 NIGERIA ONLINE Residents of Nigeria, Turkey, and UAE Most Likely to Own Crypto 8 hours ago Samuel KENYA ONLINE Best betting sites with Aviator game in Kenya 10 hours ago Samuel BETTING NIGERIA Influencers are getting young Nigerians hooked on online gambling 12 hours ago Samuel ONLINE WORLD NEWS Pragmatic Play launches live casino content with Paddy Power and Betfair 1 day ago Samuel ONLINE Slotegrator partners up with REEVO to enhance gaming offerings 2 days ago Iwo Bulski CASINO ONLINE Unbelievable facts about casinos and gambling 3 days ago Samuel EXPERTS NIGERIA From savannah to silicon: Africa’s tech emergence unfolds 3 days ago Samuel EXPERTS NIGERIA CBN to Freeze Bank Accounts without BVN, NIN from March 2024 4 days ago Szarlot GAMES ONLINE Sugar Rush Xmas 4 days ago Szarlot EXPERTS ONLINE Top 12 Invoice Generator Software to Boost Your Business Efficiency 5 days ago Tools GAMES ONLINE Where Solitaire Masters Flourish 5 days ago Tools ONLINE WORLD NEWS The pillars of success for premier iGaming content developers 6 days ago Iwo Bulski 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.