Bitcoin has been a controversial topic in Nigeria since its introduction. The Nigerian Senate has just approved legislation that recognizes digital currencies as legal tender, making it the first country in Africa to do so. The bill will also create an official regulatory framework for cryptocurrencies and spell out penalties for failure to comply with its terms.
Nigeria is set to pass a bill recognizing bitcoin and cryptocurrencies as legal payment methods, making it the first nation in Africa to officially recognize the cryptocurrency.
Nigeria Wants To Make Crypto Legal
The Nigerian Senate has already passed the bill, which will now go before the House of Representatives for final approval. Nigeria’s Central Bank has also agreed to support the move, with officials calling for “more research [on] the matter” before deciding whether or not cryptocurrencies will be treated as currency or commodities under existing financial regulations.
The bill has been approved by the Nigerian Senate and is expected to be passed by the House of Representatives in the coming months. The bill will make Nigeria the first nation in Africa to officially recognize bitcoin as a legitimate payment method.
The bill will be passed by the House of Representatives in the coming months, and it is expected to receive final approval from President Muhammadu Buhari within a few weeks.
The new law will create an official regulatory framework for cryptocurrencies, spell out penalties for failure to comply and outline the responsibilities of state officials and consumer protection agencies. The National Bureau of Statistics (NBS) will have authority over cryptocurrency trading, while Nigeria’s central bank will monitor its volume and value through an established exchange rate. Consumers will also be protected by a dedicated agency that can mediate disputes between users when issues arise with their transactions.
