Nigeria Proposes New Law to Encourage Cryptocurrency Adoption

Nigeria has proposed a new law that could encourage wider adoption of cryptocurrency in the country.

If the Investments and Securities Act, 2007 (Amendment) Bill is passed, the Nigerian Securities and Exchange Commission (SEC) will recognize cryptocurrencies and other digital assets as valid investments.

The bill will also outline the roles of the Central Bank of Nigeria and the SEC in relation to cryptocurrencies.

The proposed legislation comes at a time when Nigeria has had a ban on financial institutions using cryptocurrencies for almost two years, and the country’s central bank digital currency, the eNaira, has struggled to gain widespread adoption, with an adoption rate of just 0.5% among the population.