The Nigerian president-elect is aiming to look over the current Securities and Exchange Commission regulations on digital assets in order to promote economic development.


Bola Tinubu, the upcoming Nigerian President, has come up with a promise that would make it possible for blockchain technology and digital currencies to be used in the Nigerian banking and monetary system, if fulfilled.


The manifesto proposes that the Nigerian Security Exchange Commission (SEC) take a look at current regulations on digital assets and make them more conducive to businesses. This new legislation sets out clear regulations and guidelines for digital assets like cryptocurrencies and digital tokens in Nigeria.


Under the proposed rules, digital asset firms would have to be registered with the SEC and all digital asset offerings and investments must adhere to the SEC's guidelines.


Tinubu, in the manifesto, stated that they will modify the policy to promote the careful and efficient use of blockchain technology in various sectors such as banking, finance, identity management, and revenue collection. Additionally, they plan to form an advisory committee to assess the regulatory policies of the SEC regarding digital assets and implement a more effective and favorable regulatory framework that supports business growth.


Crypto advocates have spoken out against the lack of rules allowing crypto users to work with their banking institutions in the current regulatory framework.


The paper released is compatible with the Central Bank of Nigeria's eNaira, their central bank digital money, and it will help to extend the use of the currency, which has not achieved the goals that were set for it.


The government desires that the suggested changes to the SEC rules will bring in more investors in the digital and financial industries and result in a stronger economic growth.


Tinubu asserted that they would motivate the Central Bank of Nigeria to widen their usage of the digital currency, the eNaira.


The introduction of the manifesto is happening at the same time that crypto usage in Nigeria has surged, with the Nigerian public now having one of the greatest levels of adoption of cryptocurrency worldwide.


The Nigerian people's attraction to cryptocurrency is evident in the Central Bank of Nigeria's more lenient stance towards stablecoins. The bank has recently issued a research report called "Nigeria's Payment System Vision 2025," which looks into developing a new system for introducing stablecoins in Nigeria.



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