What is the Cryptocurrency Development in Nigeria?
What is the Cryptocurrency Development in Nigeria?

Currently the development of Blockchain cryptocurrency and technology has penetrated to mainland Africa such as Nigeria and several other countries. This makes the Nigerian government want the Nigerian state to develop clear regulations for digital assets so that the country is not left behind because cryptocurrency is now widely adopted. If you already have clear rules, investors who invest their money using cryptocurrency will also feel safe to invest at any time in the country.

Regarding the issue of cryptocurrency, the Nigerian government thinks Blockchain technology is a new and powerful thing to make clear regulations so that the future use of cryptocurrency in the country has been very clearly regulated so that it does not harm a party. They also do not want to miss with some countries that have used cryptocurrency as one of the investment tools that can benefit the country. So the Nigerian government thinks that the world will consider this seriously related to the issue of cryptocurrency.

In addition to the Blockchain and cryptocurrency, Nigerian lawmakers also talked about the role of NDIC and created clear and separate competencies between the two and the country's central bank. The speaker said that the DPR would expand the legal functions of NDIC, and ensure that its role does not overlap with the role of the Central Bank of Nigeria. So they also do not want that in the future this cryptocurrency can defeat their currency by making the cryptocurrency as a legitimate payment instrument in that country. Therefore they want to make clear rules about the future use of cryptocurrency in the country.

By making clear trade rules, the development of cryptocurrency trading in the country will be clearly regulated and not detrimental to a party that can make the person lose. They want that in the future the country can also compete with countries that have already arranged more about cryptocurrency trading in their countries so that they do not make their country lagging behind in terms of technological advances, namely blockchain technology or future cryptocurrency trading.