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The Central Financial institution of Nigeria (CBN) and the Securities and Change Fee (SEC) have agreed to collaborate and conduct analysis with a view to discovering methods of regulating the Cryptocurrency market.
They mentioned this at a digital lecture organised by the Affiliation of Capital Market Teachers of Nigeria (ACMAN) in Abuja on Sunday.
Mr. Timi Agama, Head of Division, Registration, Exchanges, Market Infrastructure and Innovation Division of SEC, described the cryptocurrency market as an air that might at the moment not be caged or regulated.
He famous that cryptocurrency was a market of about two trillion {dollars} which couldn’t be ignored.
In accordance with him, the world can’t be transferring ahead and we will probably be static.
Agama mentioned that though the SEC or the capital market wouldn’t accommodate or encourage any fraudulent practices that allowed for cash laundering, cryptocurrency was a market to look into.
“There’s loads of funding transferring into the cryptocurrency market, and the tendency is that it’ll scale back the quantity of investments within the inventory market.
“A part of the need of the SEC even sooner or later is to offer a regulatory framework that may deal with all these challenges that we’ve got seen internationally, and all the world is grappling with when it comes to cryptocurrency and digital property.
“For us on the SEC and capital market, it’s one thing to have a look at, the world can’t be transferring ahead, and we will probably be static, no.
“It is necessary for us to assessment, perceive, recognize and introduce rules that may information the motion of the market on this route.
“A market that has a possibility for ICOs, derivatives, isn’t a market we will ignore.
“ It’s our want that we do extra work, collaborate as regulators and analyse to be sure that we offer a degree taking part in subject the place Nigerians, worldwide traders and whoever is on this area will probably be comfy and joyful.
“I hope that in doing that, we’re going to have the ability to drive international portfolio funding, International Direct Funding (FDI) into this nation and construct our capital market,’’ he mentioned.
Recall that CBN had earlier this month ordered banks and monetary establishments in Nigeria to shut the accounts of cryptocurrency merchants.
CBN, in its round signed by Director of Banking Supervision, Bello Hassan, directed monetary establishments to halt any transactions in crypto or to facilitate funds for crypto exchanges.

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