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Nigeria establishes a framework for widescale crypto adoption

Nigeria’s Finance Ministry is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies.

According to cointelegraph, Business Day, a Nigerian market intelligence publication, reported Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission (SEC), to supply a regulatory environment for blockchain and digital assets. The publication cites Ministry adviser Amstrong Takang speaking at an industry event in Lagos on Tuesday.

Digital assets are recognized as commodities and governed by suitable securities law in Nigeria following the SEC’s stunning edict on the matter back in September. 

The SEC stated:

“The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market.”

Bitcoin (BTC) and also other cryptocurrencies are witnessing growing adoption in Nigeria as the country struggles with capital controls, devaluation and new protests targeting police corruption.

Nigerian officials seem keen on adopting blockchain, with the aim of generating $10 billion in revenue from the new technology by 2030.

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