Bukola Saraki, a presidential candidate in Nigeria, recently stated that he supports the cryptocurrency business, claiming that it has created possibilities for the country’s youth. He did insist, however, that legislation guiding actors in this sector be enacted.
Bukola Saraki, one of Nigeria’s presidential hopefuls, was recently cited as saying that he favors digital currencies and does not believe they will destabilize the economy. Nonetheless, the presidential candidate urged that legislation and procedures be put in place to guide actors in this field.
Saraki, one of fifteen people vying to be the opposition’s presidential candidate in Nigeria’s 2018 elections, admitted that digital currencies have provided chances for the country’s youth during an interview. He stated, “
I also believe it has aided in the creation of jobs and possibilities, particularly for the younger generation. And I am in favor of everything that produces jobs and provides a conducive climate for people to run their enterprises. As a result, I am in favor of it.
Saraki, on the other hand, maintained that money laundering and misuse concerns raised by authorities such as the Central Bank of Nigeria (CBN) must be addressed.
Since February 5, 2021, the Nigerian central bank has mandated financial institutions to restrict crypto-related transactions. Privately produced cryptocurrencies such as bitcoin, according to the bank, have no place in Nigeria’s traditional financial system.
Nigerian interest in digital currencies has not decreased, despite the CBN’s instruction to financial institutions and subsequent crackdown on errant institutions, as peer-to-peer bitcoin traded volumes demonstrate. This is further shown by the Securities and Exchange Commission (SEC) of Nigeria’s recent introduction of regulations and guidelines governing the crypto industry’s participants.
If Saraki were to win the Nigerian presidency, he has yet to explain his ambitions for the crypto business. Saraki has lost the contest to become the People’s Democratic Party’s nominee to Atiku Abubakar.
Also Read: The Nigerian Securities and Exchange Commission (SEC) has Announced new Rules for Introducing Digital Assets
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