Reps move to probe cryptocurrency, POS operations in Nigeria

By Gift Chapi-Odekina, Abuja

ABUJA — Speaker of the House of Representatives, Hon. Tajudeen Abbas, connected Monday inaugurated an advertisement hoc committee to reappraisal the economic, regulatory, and information implications of cryptocurrency adoption and Point-of-Sale (POS) operations successful Nigeria.

Speaking astatine the inauguration successful Abuja, Abbas said the inaugural was indispensable successful presumption of rising concerns implicit fraud, cybercrime, and user exploitation wrong the integer concern ecosystem.

He noted that Nigeria’s system had demonstrated singular resilience implicit the years, often rebounding from recessions and achieving maturation crossed non-oil sectors, making it an charismatic situation for emerging integer fiscal technologies.

However, Abbas cautioned that the vulnerabilities inherent successful cryptocurrency operations indispensable not beryllium overlooked, peculiarly regarding their imaginable misuse for wealth laundering and coercion financing.

He said the lack of wide regulations, coupled with the complexity and volatility of integer assets, had created an urgent request for legislative action.

“It is due to the fact that of this deficiency of wide rules, coupled with the volatility and complexity of the technology, that the House of Representatives recovered it imperative to found user extortion measures and a regulatory model for Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” helium stated.

Abbas explained that the committee would behaviour nationalist hearings and stitchery input from cardinal stakeholders to usher the House successful processing effectual authorities and oversight mechanisms for integer currencies successful Nigeria.

He assured that the 10th House of Representatives remained committed to safeguarding the nation’s system and citizens from risks associated with emerging fiscal technologies, portion supporting President Bola Tinubu’s broader economical betterment agenda.

In his remarks, the Chairman of the Committee, Hon. Olufemi Bamisile (APC–Ekiti), emphasized the nationalist value of the assignment, describing it arsenic an effort to equilibrium fiscal innovation with nationalist security.

“We person been entrusted with a task of nationalist value — to reappraisal the economic, regulatory, and information implications of cryptocurrency adoption and POS operations successful Nigeria,” Bamisile said.

He noted that portion integer concern had expanded opportunities for innovation and inclusion, it besides presented superior risks specified arsenic cybercrime, fraud, wealth laundering, and regulatory uncertainty.

According to him, the committee’s enactment would absorption connected processing a robust legislative and regulatory model that fosters innovation portion protecting citizens and the integrity of Nigeria’s fiscal system.

Bamisile said the committee would collaborate with applicable regulatory and information agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.

The station Reps determination to probe cryptocurrency, POS operations successful Nigeria appeared archetypal connected Vanguard News.