Nigeria Looking To Legalize Bitcoin – Bitcoin Magazine

An area Nigerian newspaper has reported that Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions of Nigeria, claimed the nation will quickly move a regulation making the utilization of bitcoin and cryptocurrencies authorized. The invoice would amend the 2007 Investments and Securities Act and would acknowledge bitcoin as authorized capital for funding.

Back in February of 2021, Nigeria successfully banned the utilization of bitcoin with a letter prohibiting regulated monetary companies from “dealing” with cryptocurrencies. In the identical yr, Bitcoin Magazine reported Nigeria hovering to the largest volume of bitcoin peer-to-peer buying and selling on the planet, and Chainanalysis studies showed that Nigeria had enormously accelerated bitcoin adoption.

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