Nigerian Presidential Candidate Says He Supports Digital Currencies, But Wants Industry To Be Regulated – Bitcoin News

Nigerian presidential candidate Bukola Saraki recently stated that he supports the digital currency industry, which he claims creates opportunities for the country’s youth. However, he insists that there is a need for laws to guide players in the space.

Digital currency creates opportunities for young people

One of Nigeria’s presidential candidates, Bukola Saraki, was recently quoted as supporting digital currencies, which he believes will not disrupt the economy. Nonetheless, presidential candidates suggest that legislation and policies must be developed to guide players in the field.

in his speech interview, Saraki is one of 15 people seeking to be an opposition candidate in Nigeria’s upcoming presidential election, acknowledging the opportunities digital currencies create for the country’s youth. He says:

I also think it helps the younger generation in particular to create jobs and opportunities. I support anything that creates jobs and creates an enabling environment for people to do business. So yes, I stand by that.

However, Saraki reiterated that money laundering and abuse issues frequently raised by regulators including the Central Bank of Nigeria (CBN) must be addressed.

Nigerians’ love for crypto assets

as before report As reported by News, the Central Bank of Nigeria will require financial institutions to block cryptocurrency-related transactions starting February 5, 2021. The bank insists that privately issued cryptocurrencies like bitcoin have no place in Nigeria’s traditional financial system.

However, despite CBN’s directives on financial institutions and subsequent crackdowns on non-compliant institutions, Nigeria’s interest in digital currencies has not waned because peer-to-peer bitcoin Turnover continued to show. A recent statement by the Nigerian Securities and Exchange Commission (SEC) provides further evidence of this fact. announcement Rules and guidelines governing crypto industry players.

Meanwhile, in the interview, Saraki still did not outline his plans for the crypto industry if he were to win the Nigerian presidency. At the time of this writing, Saraki was reported lost Running to be the People’s Democratic Party candidate for Atiku Abubakar.

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Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively on the economic woes of some African countries and how digital currencies can offer Africans an escape route.

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