Reps set to probe status of cryptocurrency, blockchain, digital asset transactions

In news reports,  the House of Representatives yesterday resolved to probe the status of Cryptocurrency, blockchain, and digital asset transactions in Nigeria to identify threats to national security and gaps in legislative framework and regulations to the detriment of the country. The House also resolved to probe the online peer-to-peer (P2P) marketplace, utility sharing, the status of the E-Naira on the global cryptocurrency platform, the cost incurred, processes are undertaken, and statutory compliance in creating the digital currency. In addition, the lawmakers also resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations, while establishing the profile of operators in the sector such as legal status, and parent company, and assess their compliance with our existing statutes or complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices. The resolutions followed the adoption of a motion of urgent public importance on the need to investigate activities surrounding digital assets, international money transfers, and other such platforms moved by Hon. Isiaka Ibrahim at plenary on Tuesday.