Nigerian Senate Launches Investigation Into Cryptocurrency Trade In The Country

Nigeria, a western African nation is one of the fresh markets of the Bitcoin. The cryptocurrency trade is slowly gaining momentum in the country. Many people now know what the bitcoin is and other altcoins . As things are, authorities have also heard about this, which is what has prompted the country’s Senate to take action. As we speak, Nigerian Senate wants to know if there is digital currency trade in the country. The only way to do so is to initiate an investigation into the business.

Why Is The Nigerian Senate Investigating The Cryptocurrency Trade?

The Upper House has swiftly moved to ask a relevant House committee to conduct an investigation. The Committee of Banking and Other Financial Institutions received 14 to hold the probe. When issuing the order in behalf of the Senate, Deputy Senate President Ike Ekweremadu said the committee should do fast. “The work of the committee is to investigate the viability of bitcoin as a form of investment. The committee will also come up with recommendations on how to control its uses and trade,” said Ike.

Vigorous Anti-Bitcoin Campaigns By Central Bank of Nigeria (CBN)

The Senate also asked three state agencies to launch a campaign. The campaign aims to enlighten people on the risks involved in the investment of the Bitcoin. Some of the agencies that were tasked with the vigorous anti-bitcoin campaigns are Central Bank of Nigeria (CBN). The other two agencies are Nigerian Stock Exchange (NSE) , and Nigeria Deposit Insurance Corporation (NDIC) . The Senate further ordered these institutions to issue clear statements. The statements aim to ensure that they are as transparent as possible. The comments need to be in all available dialects. They need to be understood by all able thinking people.

Every Nigerian Should Be Careful About Digital Currency Investment?

Senate is voicing the investigation following CBN Governor’s last week message. Mr. Godwin Emefiele said last week that every Nigerian should be careful about cryptocurrency investment. “Cryptocurrency or bitcoin is a gamble. Because of this, there is a need for everybody to be very careful,” said Godwin. Nigerian market is more decentralized than any other in the region, which will evidently make it difficult for those who want to control digital currency trade.

How Long Will The Nigerian Senate Continue To Investigate The Cryptocurrency Trade

With this in mind, Nigeria is more resilient towards outside influence. If there is digital currency trade in Nigeria, then it is possible for it to thrive without interference. The question of cryptocurrency trade is coming at a time the international price of the Bitcoin is at trading at its lowest of $5,400.

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