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Nigeria Won’t Promote Crypto Until Investors Are Protected, Officials Say


https://sputniknews.com/20221128/nigeria-will-not-promote-crypto-until-investors-are-protected-officials-say-1104773166.html

Nigeria Won’t Promote Crypto Until Investors Are Protected, Officials Say

Nigeria Won’t Promote Crypto Until Investors Are Protected, Officials Say

According to an official, cryptocurrencies will not yet be included in the Nigerian government’s plan to improve digital asset trading.

2022-11-28T13:43+0000

2022-11-28T13:43+0000

2022-11-28T13:43+0000

Africa

West Africa

finance

cryptocurrency

Nigeria

cryptocurrency exchange

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Cryptocurrencies will not yet be included in the Nigerian government’s plan to improve digital asset trading, the country’s Securities and Exchange Commission (SEC) has said, noting that regulators must first agree on investor protection standards. In May, it was decided to develop trading in 50 assets by 2025 with investor protection and the promotion of transparency. “We are looking at digital assets that really protect investors,” said Lamido Yuguda, chief executive of the commission, pointing out that exchanges lack access to the banking platform needed to conduct their transactions in the African country. from West. For the government of the country, the main concern with cryptocurrencies is their volatility. In 2021, the Nigerian central bank issued an order ending crypto transactions and operations by commercial lenders that were deemed a “threat to the financial system”. For now, Yuguda pointed out, the SEC will encourage investment in “sensitive digital assets” that allow for investment protection. The commission also plans to explore blockchain for the advancement of virtual and traditional investment products. 2022 has been a troubled year for the crypto market so far. In the first half of the year, Bitcoin and Ethereum – the world’s largest and second largest cryptocurrencies respectively – fell more than 50% from all-time highs reached in late 2021. Earlier this This month, the company FTX – which was once the second largest cryptocurrency exchange in the world – went bankrupt after media and investors raised suspicions about the company being a financial bubble. According to court records, FTX owes $3.1 billion to 50 of its biggest customers. The company’s bankruptcy has caused further disruption to its markets due to concerns that other platforms could follow suit. It was later reported that cryptocurrency lending platform BlockFi, once valued at $3 billion, was preparing to file for bankruptcy due to the uncertainty created by the collapse of FTX.

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cryptocurrencies in africa, cryptocurrencies in nigeria, which country invests the most in crypto, bitcoin in africa, ethereum in africa

According to Paxful, a crypto-trading platform, Nigerians conduct the most cryptocurrency transactions outside of the United States. A study by price tracker CoinGecko has shown that since April, when digital assets began to decline, Nigerians have shown more interest in cryptocurrencies than investors from any other country.

Cryptocurrencies will not yet be included in the Nigerian government’s plan to improve digital asset trading, the country’s Securities and Exchange Commission (SEC) has said, noting that regulators must first agree on investor protection standards.

In May, it was decided to develop trading in 50 assets by 2025 with investor protection and the promotion of transparency.

“We are looking at digital assets that really protect investors,” said Lamido Yuguda, chief executive of the commission, pointing out that cryptocurrency exchanges lack access to the banking platform needed to conduct their transactions in this. West African countries.

“The commission’s job is to protect investors, not speculate,” the official said. He added that “any asset traded in the Nigerian capital market requires the joint approach of different regulators.”

For the government of the country, the main concern with cryptocurrencies is their volatility. In 2021, the Nigerian central bank issued an order ending crypto transactions and operations by commercial lenders that were considered a “threat to the financial system”.

For now, Yuguda pointed out, the SEC will encourage investment in “sensitive digital assets” that allow for investment protection. The commission also plans to explore blockchain for the advancement of virtual and traditional investment products.

2022 has been a troubled year for the crypto market so far. In the first half of the year, Bitcoin and Ethereum – the world’s largest and second largest cryptocurrencies, respectively – fell more than 50% from all-time highs reached at the end of 2021.

Earlier this month, FTX – once the world’s second-largest cryptocurrency exchange – filed for bankruptcy after media and investors raised suspicions that the company was a financial bubble. . According to court records, FTX owes $3.1 billion to 50 of its biggest clients.
The company’s bankruptcy has led to further disruption in the market due to fears that other platforms may follow suit. It was later reported that cryptocurrency lending platform BlockFi, once valued at $3 billion, was preparing to file for bankruptcy due to the uncertainty created by the collapse of FTX.



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