By: Damian Okonkwo
The current move by the Nigerian government to recognize crypto as investment capital which was disclosed last year in December 2022, by the Chairman of the House of Representative Committee on Capital Markets and Institutions - Mr. Ibrahim Babangida has got many investors speculating whether elevating cryptocurrency to such status within the country could further push the government to legalize crypto as a legal tender in the future.
As disclosed by Ibrahim to Punch newspaper last year, the amendment bill on the Investment and Securities Act of 2007 presently undergoing review had pushed for a recognition of crypto as investment capital. The current bill also will further define the role of the Central Bank towards crypto within the country.
This no doubt could be considered a great feat towards recognizing crypto as a legal tender within the country after the country officially launched her own Central Bank Digital Currency called eNaira in October 2022.
Contrary to the previous hostile attitude towards crypto by the CBN, the lawmakers are now seeking to integrate crypto into the economy and to take advantage of the many benefits that comes from the use of blockchain technology in fostering wider economic development.
It is on this note that the Nigerian government moved earlier in November last year to partner with Binance exchange on how best to create a conducive environment for the adoption of blockchain technology within the country.
These moves have got investors speculating whether Nigeria could as well be the next African country to adopt crypto as a legal tender after the Central African Republic became the first African country to do so in 2022.