The House of Representatives Speaker, Hon. Femi Gbajabiamila, is seeking regulations in a supportive manner for the use of cryptocurrencies in Nigeria, according to a report by Daily Post on July 23.
As per the report, the speaker shared his taught during a visit by the board of Nigerian Deposit Insurance Corporation (NDIC), an independent body created to "protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits".
He wants the country to come up with regulations on the use of cryptocurrency, which is gaining global acceptance, with reasons of not wanting the country to be left behind.
“On the issue of cryptocurrency, I think block-chain technology is novel and coming up strong. We don’t want to be left behind." He said.
Referring to one of the G20 meetings in Osaka, the speaker said: “Not too long ago, a group of world leaders, G20 met in Osaka, Japan and one of the issues they discussed was block-chain technology and cryptocurrency."
“They had a sub-group of leaders called the V20 established from that meeting. It’s an assemblage of virtual currency representatives.
“I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously." He added.
Gbajabiamila on behalf of the house, pledged to support the body in issues regarding legislation and regulation, that will place Nigeria in the rank of advanced technology. “The House is ready to work with you on that so that we don’t get left behind, and within legislation and regulation of block-chain application that will put Nigeria within that rank of advanced technology." He said.
The speaker claimed that there are about $12 million trades executed by the country on different platforms yearly. “I’m aware that we trade on different platforms about $12 million on yearly basis in this country, and a lot of these things, as you said, are in the air but not captured. It is time we begin to look seriously at this advancement in technology,” the Speaker said.
I will add that Gbajabiamila build his interest from the massive attention blockchain technology has gained in recent times. Almost all the world leaders have made either positive or negative comment about the technology.
Nigeria is the most populated black nation in the world, with over 195 million citizens, according to data provided by World Bank. And the 4th person in the nation's government is the person pushing for enabling regulations of blockchain technology, this shows there may be a green light for the use of cryptocurrencies in the country.