Africa’s country with the largest economy is looking to join the likes of El Salvador to adopt Bitcoin as a legal tender in the country.

As per a recent report by local media, a member of the House of Representatives, Babangida Ibrahim who is also the chairman of the Capital Market Committee in the lower chamber said Nigeria is close to adopting Bitcoin and other cryptocurrencies as legal tender.

The bill will amend the 2007 Investments and Securities Act and will recognize bitcoin as legal capital for investment.

Earlier this year, Nigeria announced a ban on crypto assets in the country, amidst the ban, the country recorded one of the highest volumes of Bitcoin peer-to-peer trading in the world.

In an interview with the local media, Babangida said that it is necessary for Nigeria to flow with global economic innovations.

He said, “like I said earlier during the second reading, we need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date global practices. In recent times, there are a lot of changes within the capital market, especially with the introduction of digital currencies, commodity exchanges and so many other things that are essential, that need to be captured in the new Act. Like I said, it is better to talk about this after consideration of the reports.”

“When it comes to digital currencies, they have different names and it depends on the jurisdiction. These currencies, they don’t have boundaries. You can stay here in Nigeria and invest in the United States, Canada or anywhere.” 

“They are digital. That is why – if you remember – when crypto currency was initially banned in Nigeria, the CBN discovered that most of these investors don’t even use local accounts. So, they are not within the jurisdiction of the CBN. Because they are not using local accounts, there is no way the CBN can check them.

“All these are some of the issues that we have considered we have to regulate them. It is not that they are illegal but we don’t have regulation for them. So, these are some of the reasons why we need to review the Act and put some regulations for most of the activities – derivatives, commodity exchanges, digital currencies and so many other things.

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