The Nigerian Securities and Exchange Commission does not plan to develop cryptocurrencies until standards that protect investors are agreed upon.
Nigerians have shown more interest in cryptocurrencies than any other country since digital assets began falling in April.
Nigeria SEC Will Not Deal With Cryptocurrencies Without Regulation
The Nigerian Securities and Exchange Commission does not aim to include cryptocurrencies in a plan to improve trading in digital assets until regulators agree on standards that protect investors.
General Manager Lamido Yuguda told reporters in Lagos, the country’s commercial hub; He said the commission avoided digital currency as crypto exchanges do not yet have access to the banking platform required to conduct their transactions in Nigeria. “We are looking at digital assets that really protect investors,” Yuguda said.
Yuguda said the SEC will encourage investment in sensible digital assets with investment protection, and will also explore blockchain technology to develop virtual and traditional investment products. At the same time, he referred to the volatility concern in cryptocurrencies, saying, “The commission is in the business of protecting investors, not in the business of speculation.”
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