Members of the National Assembly seek to introduce laws to monitor and regulate cryptocurrency in Nigeria, aiming to prevent fraud and protect the country’s economy.
The Nigerian National Assembly has revealed plans to establish a legal framework that will allow the government to monitor and control cryptocurrency activities across the country. Lawmakers say the move has become necessary as digital currency trading continues to rise among young people and businesses.
According to reports, the initiative will also help curb the use of cryptocurrencies for illegal activities such as money laundering and internet fraud. The Assembly is expected to invite financial experts and security agencies for discussions on how best to design a law that fits Nigeria’s financial system.