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Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated

Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated – Bukola Saraki, one of Nigeria’s presidential aspirants, was recently cited as saying that he supports 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 players in this field.

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Saraki, one of fifteen people vying to be the opposition’s presidential candidate in Nigeria’s upcoming elections, admitted that digital currencies have provided chances for the country’s youth during an interview.

Also Read: Russia Considers Using Cryptocurrencies for International Settlements

He stated:

“I also believe it has aided in the creation of jobs and possibilities, particularly for the younger generation. And I am in support of anything that produces jobs and provides a conducive climate for people to run their businesses.”

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Saraki, on the other hand, reiterated that money laundering and abuse concerns raised by regulators such as the Central Bank of Nigeria (CBN) must be addressed.

As previously reported, the Nigerian central bank has forced financial institutions to restrict crypto-related transactions from February 5, 2021. Privately issued cryptocurrencies such as bitcoin, according to the bank, have no place in Nigeria’s conventional financial system.

Nigerian interest in digital currencies has not waned, 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 players.

Also Read: India’s Central Bank RBI to Adopt a Graded Approach to Digital Currency Launch

Meanwhile, Saraki did not elaborate on his ambitions for the crypto industry if he were to win the Nigerian presidency in the interview. Saraki has lost the contest to become the People’s Democratic Party’s nominee to Atiku Abubakar, according to reports at the time of writing.

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