Nigeria has put forward a significant legislation design that will further facilitate cryptocurrency adoption in the country with over 200 million inhabitants.
Why this matters: If the Investments and Securities Act, 2007 (Amendment) Bill passes, the Nigerian securities and exchange commission (SEC) will recognize cryptocurrencies and other digital assets as capital for investment.
Go deeper: The legal blueprint comes at a time when Nigeria has spent almost 2 years under a cryptocurrency ban for financial institutes, and the country’s CBDC, the eNaira, has failed to reach widespread adoption.
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