Reps Consider Law To Regulate Crypto Transactions

Reps Consider Law To Regulate Crypto Transactions

The House of Representatives, through a motion, resolved to investigate the national security implications of cryptocurrency, and other digital asset transactions.

The House is also to investigate the current status of the e-naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

A lawmaker from Ogun State, Isiaka Ibrahim, who read the resolution of the House on Tuesday, said, “The House, hereby, resolved mandates the House Committee on National Security and Intelligence to investigate the current status of gateway platforms and how they truly or not connect with many security challenges in the country.”

On Monday, the House of Representatives Committee on Financial Crimes had resolved to issue warrant of arrest against executives of cryptocurrency platform, Binance, for failing to appear before it for an investigation.

Chairman of the Committee, Ginger Onwusibe, stated that the warrant of arrest is to compel the executives appear before the lawmakers to answer on allegations of sponsoring of terrorism, and financial crimes.

A lawyer, who appeared before the committee on behalf of Binance presented a written address, stating that the board of the company is scared of coming to Nigeria for fear of further arrest by the government.

However, the explanation by the lawyer was rejected by the lawmakers.

Two Binance executives were arrested in Nigeria last week, and the government is demanding almost 10 billion dollars in compensation from the cryptocurrency firm on allegations of manipulation of foreign exchange rates which has negatively affected the value of the naira.