Cryptocurrency News, Cryptocurrency Regulation

Nigerian President Aspirant Supports Crypto Adoption

Presidential Aspirant Supports Crypto

Bukola Saraki, a candidate in the presidential election coming up next year, has stated that he sees a future for digital currency in the country. He has shown a level of support towards the industry as he believes the country’s youth has benefited a lot from its growth.

He believes the effects of crypto on the Nigerian economy will not be negative as it has created a better environment for the youth of the country. He does not think the industry would bring down the economy like the nation’s financial institution believes.

As part of his campaign promises, he has said that he would support the adoption of cryptocurrency in the country.

Cryptocurrency Has Helped Nigerian Youths

The candidate’s strong support is due to the influence the industry has had on Nigerian youths. He made mention that he supports cryptocurrency since it has created new sources of wealth and new opportunities.

Crypto has brought a lot of new jobs and a more productive space for people to create new businesses and prosper. He believes that anything that creates such for a country deserves support.

Cryptocurrency Needs Proper Regulation

 However, he also made sure to mention that although the idea of crypto adaptation is supported, the industry still has a lot to do in the areas of regulation and control. He insists that the industry needs a set of rules that guide the users.

His enthusiastic support comes with a big desire for regulation and policies to guide the investors in the industry. He also believes that the issues raised by the Central Bank of Nigeria (CBN) and other bodies have to be addressed properly.

The need for regulation is not new to the crypto industry, as other countries and financial bodies have called for proper control of the industry. With the recent worries of the industry more and more officials are calling on the crypto community to seek solutions to the issues the digital asset faces.

Nigeria’s Central Bank Battles Crypto

In early 2021 the head of financial affairs in the country took drastic steps to curb the use of cryptocurrencies in the country. It made all financial institutions place a ban on all crypto-related activities in the country.

The bank believes that coins like Bitcoin that are given privately have no place in the traditional financial system of the Country.

Despite the restrictions placed on the country, the desire for digital currencies has not dropped as increased trading of bitcoin has been on for a while. As a means to back the country’s crypto inclination, Nigeria’s Securities and Exchange Commission recently released a set of rules and regulations to guide crypto users.

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