Nigerian Minister Calls For Fair Bitcoin Regulation

Nigerian Minister Calls For Fair Bitcoin Regulation

A Nigerian minister is calling for friendly Bitcoin regulation that would promote innovation and allow citizens to plug into the network’s opportunities rather than suppress usage of the possibilities enabled by the technology, reported Bloomberg.

“Clem Agba, minister of state for budget and national planning, said uncertainty in regulating cryptocurrencies risks denying government and citizens the chance to maximize opportunities from the technology,” per the report.

In February, the Central Bank of Nigeria (CBN) issued a reminder that it had banned financial institutions from facilitating bitcoin-related transactions back in 2017 and ordered them to shut down accounts that had transacted with cryptocurrency exchanges since. The central bank said the decision was necessary to prevent crimes and mitigate risks.

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