SEC Chairman of Nigeria: "The ban on cryptocurrencies forced people to go into the shadow" - Bits Media

Chairman of the Commission on Securities and Exchange of Nigeria (SEC) Lamido Yugud (Lamido Yuguda) stated, that the ban on the central bank on digital assets worsened the state of the cryptocurrency market in the country.

In February, the Central Bank of Nigeria (CBN) Forbidden commercial banks to serve cryptocurrency trading sites and other companies, working with digital assets. According to Yuguda, Due to such actions, the SEC Central Bank was forced to suspend the development of the regulatory framework for the regulation of cryptocurrency activities, Although work on this initiative began last fall.

SEC chairman said, that the development of clear rules for the digital assets industry will be suspended until then, Until local banks resume the maintenance of cryptocurrency exchanges. Yuguda added, that despite the disagreements with the Central Bank on the issue of cryptocurrencies, SEC seeks to create conditions for the development of financial technologies in Nigeria.

After the ban on cryptocurrencies, Their purchase and sale in Nigeria became possible only through one -line platforms, which significantly increased the cost of digital currencies in the local market. In March, the Central Bank of Nigeria explained, that citizens of the country can trade cryptocurrencies, And the ban on their use applies only to state and financial institutions. However, even such prohibitions force people to leave "underground", what cryptocurrency scammers use. Many local exchanges think, that peering trade contradicts the directive of the Central Bank of Nigeria.

Earlier, Nigeria Vice-President Yemi Osinbago (Yemi Osinbajo) Already urged regulatory authorities to work out an approach for effective supervision of blockchain and cryptocurrencies. Osinbago believes, that in the coming years, digital assets will challenge traditional finances.