SEC established a fintech section to investigate cryptocurrency investments

SEC established a fintech section to investigate cryptocurrency investments.

The Securities and Exchange Commission (SEC) has announced the establishment of a fintech section to investigate cryptocurrency investments and other digital products in order to develop regulations for the industry.

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The Securities and Exchange Commission (SEC) has announced the establishment of a fintech section to investigate cryptocurrency investments and other digital products in order to develop regulations for the industry.

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He stated that whenever cryptocurrency trading is legalized within the Nigerian financial system, controls will be implemented.

Yuguda also stated that the commission is looking for fintech companies to collaborate with in order to increase the marketing of local securities and prevent capital flight.

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Banks and other financial institutions have been ordered by the CBN to terminate accounts of individuals or businesses involved in bitcoin transactions.

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It stated that cryptocurrencies are vulnerable to investment losses, money laundering, terrorism financing, illicit capital flows, and other criminal activities.

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The apex bank announced in July that the pilot program for its digital currency (e-Naira) would begin on October 1, 2021.

Bitt Inc, a worldwide fintech firm, was chosen as the technical partner for the e-Naira implementation.

2 Comments

  1. How good will this e-naira be.in crypto currency.
    I think this will a kind of decrees the rate of poverty in Nigeria.

    1. Well Said but time will tell

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