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Nigerian Government May Ease Ban on Bitcoin After Calls for Regulation

The government of Nigeria is reevaluating the decision to ban crypto. Officials have come out to say that banning Bitcoin means the country would remain static while the rest of the world continues to advance.

Kevin Amugo, the Director for Financial Policy at the most important bank in Nigeria, revealed that there is a need to come up with “a nation position [and] not a monetary policy position.”

Earlier this month, the Central Bank of Nigeria announced that it wanted all financial institutions to close the fiat account of people involved in crypto trading. But that decision was made without taking into consideration the general public or other industry members.

“All regulators are to strategize and come up with a national position, not a monetary policy position. Because of the interest crypto has generated, I think it is high time we reconvened and ensure that we take a national position, so that what is issued is a national position, not a CBN or SEC position. We are engaging internationally and locally to ensure that we come out with a harmonized and implementable position.” – Amugo

A spokesperson for Nigeria’s SEC, Timi Agama, declared publicly that he was against the ban:

“There is a lot of investment moving into the cryptocurrency market and… For us at the SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no. It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.”

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