The Nigerian government will soon pass a law that will allow Bitcoin BTC and other cryptocurrencies to be used as a way to keep up with “global practices.”

if the Investments and Securities Act, 2007 (Amendment) Bill is signed into law, the Securities and Exchange Commission could “recognize cryptocurrency and other digital funds as investment capital.”

The head of the House of Representatives Committee on Capital Markets, Babangida Ibrahim said that it was important for Nigeria to know what was going on in the capital markets:

Nigeria needs a capital market that works well and is full of life. To do that, we need to know what’s going on around the world.

When cryptocurrency was first banned in Nigeria, the Central Bank of Nigeria (CBN) found that most of these investors don’t even have accounts in Nigeria. So, the CBN doesn’t have any power over them. The CBN can’t check them because they aren’t using local accounts.

If the law is passed, the Investments and Securities Act of 2007 in Nigeria will be amended.

In addition to making Bitcoin and other cryptocurrencies legal, the law will explain the roles of the Central Bank of Nigeria and Nigeria’s Securities Exchange Commission (SEC) in regulating digital currencies.

https://altcoin.ng/nigeria-to-legalize-bitcoin-and-other-cryptocurrencies/

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