In a recent turn of events, Nigeria is being urged to regulate cryptocurrency to combat financial crimes. This call for action has been made by an expert panel, emphasizing the need for the Nigerian government to establish a legal framework for the emerging digital currency sector. The panelists pointed out that the lack of regulation and oversight of the cryptocurrency market has made it a breeding ground for financial crimes and fraudulent activities.
The panel members have argued that Nigeria’s inability to regulate the cryptocurrency sector has led to an increase in financial crimes. They believe that if the government can put in place a robust regulatory framework, it can provide a more secure environment for crypto investors and traders. The panel also pointed out that cryptocurrency regulation is not about stifling innovation, but about creating a safer financial ecosystem for all stakeholders. This move is seen as crucial, considering the growing popularity of cryptocurrency in Nigeria.
