By Mercy Aikoye
The House of Representatives has taken steps to regulate cryptocurrency and Point-of-Sale (POS) operations in Nigeria. Speaker Abbas Tajudein inaugurated an ad hoc committee to review the economic, regulatory, and security implications of digital financial transactions.
“The absence of clear rules, coupled with the volatility and complexity of the technology, makes it imperative for the National Assembly to establish regulations and consumer protection measures,” Abbas said.
The move aims to address concerns over fraud, cybercrime, terrorism financing, and consumer exploitation. Abbas noted that Nigeria’s economy has shown resilience, but vulnerabilities in the system can’t be ignored.
The ad hoc committee will hold public hearings to gather input from stakeholders. The committee will develop legislation for a comprehensive regulatory framework on cryptocurrency and digital financial services.
“We will adopt a consultative and evidence-based approach to ensure inclusive outcomes,” said Rep. Olufemi Bamisile, Chairman of the committee.
The committee will work with key agencies, including the CBN, SEC, NDIC, NFIU, EFCC, ICPC, and the Nigeria Police Force. Bamisile acknowledged that cryptocurrency and POS systems have enhanced commerce and financial inclusion, but also pose significant risks.
“The committee’s work will focus on crafting a legislative framework that encourages innovation while protecting citizens and the financial system’s integrity,” Bamisile added. The House is committed to safeguarding the country and its citizens from practices that could undermine President Bola Tinubu’s economic reforms.
