The House of Representatives has resolved to investigate the current status of cryptocurrency, blockchain, and digital asset transactions in Nigeria.
The investigation aims to identify threats to national security and gaps in legislative frameworks, statutes, and regulations.
The resolution, following a motion by Isiaka Ibrahim (APC, Ogun), includes the investigation of international money transfer operators, payment gateways, platforms, and cloud computing infrastructure.
The House will also examine the status of the E-Naira on the global cryptocurrency platform, including costs, processes, and statutory compliance.
The House also resolved to engage stakeholders to establish necessary legislation and regulations, while profiling operators in the sector to assess compliance with existing statutes and involvement in illicit activities such as money laundering and currency speculation.
While moving the motion, Isiaka stated growing global concerns about cryptocurrency transactions enabling money laundering by criminals and terrorists, stating the need for the government’s actions to be perceived positively by the international community and investors.
The resolution also includes the superintendence of engagement with the Office of the National Security Adviser (NSA), relevant agencies, cryptocurrency exchanges, and stakeholders to track and recover illicit funds or assets.
Isiaka acknowledged the concerns expressed by the Central Bank of Nigeria (CBN) regarding illicit transactions and money laundering on cryptocurrency exchanges, as well as the potential use of cryptocurrencies as an alternative platform for determining foreign exchange rates.
He argued that the government should not overlook the benefits of digital asset transactions and should instead focus on enacting and enforcing appropriate statutes and regulations to supervise crypto and digital asset transactions.