Nigeria plans to pass a new law to legalize the use of Bitcoin and altcoins, changing its stance on the cryptocurrency industry. This step of the Nigerian government will increase the adoption rate of crypto assets.
Although governments seem to be working only on blockchain technology rather than cryptocurrencies, Bitcoin is at the top of the agenda of many countries. According to a local newspaper, Babangida Ibrahim, chair of the House of Representatives Committee on Nigerian Capital Markets and Institutions, said that they are making preparations to recognize Bitcoin as legal capital.
After the crypto bill becomes law, the Nigerian Securities and Exchange Commission will recognize cryptocurrencies and other digital funds as investment capital. In his statement, İbrahim emphasized that it is a necessity to be up-to-date in global practices and that a vibrant capital market is needed in the country.
Source: https://cryptopotato.com/nigeria-seeks-to-legalize-bitcoin-crypto-usage-with-new-bill/
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