The Securities and Exchange Commission (SEC) of Nigeria has now made its allegiance known following the Central Bank of Nigeria’s (CBN) decision to ban crypto within the country. While reports say that the SEC will work alongside CBN to produce a new regulatory framework for all cryptos within Nigeria, an executive of the commission, namely Timi Agama, states that Nigeria’s crypto market is too big just to ignore. Notably, Nigeria’s crypto-economy currently holds about $1.74 trillion.
On a virtual conference facilitated by the Association of Capital Market Academics of Nigeria this past Sunday, Agama says that SEC’s ultimate goal is to supply the country with a regulatory framework that clears up all such crypto-related challenges both locally and internationally. As per Agama, Nigeria currently holds a significant position within the global crypto scene; they believe that the regulators wouldn’t throw it away just for the sake of banning it.
Although CBN’s recent crypto banning was explained as something necessary for the central bank to solve crypto anonymity transaction problems, its citizens aren’t all too happy about it. In fact, many now believe that Nigerian’s mistrust towards its very own government only grew due to CBN’s controversial decision. They believe that Nigeria is already well on its way to building a thriving digital economy before the central bank made its presence known and trampled all these.
Nigerians’ anger and frustrations on the CBN crypto ban led to wider displeasure towards the government, labeling it non-caring and ultimately corrupt. This all then stems down to the regulator’s lack of industry or public consultation before it went ahead with the banning. Nigerian Twitter users have also notably launched a trending campaign named #WeWantOurCryptoBack.
It is clear as day that the Nigerian government now has a brewing problem within its hands. Only time will tell whether it gives in to its citizen’s demand and retracts the banning or withstand the discontentment thrown towards it and persist with the decision. Nonetheless, the SEC believes that the former is the better option.