The Speaker of the House of Representatives Rt. Hon. Femi Gbajabiamila has said that there is a need to come up with a legislation on cryptocurrency, which is gradually becoming acceptable all over the world.
The Speaker said the legislation became necessary to regulate transactions involving cryptocurrency for Nigeria not to be left behind.
Gbajabiamila who spoke during a visit by the board of the Nigerian Deposit Insurance Corporation (NDIC) led by its chairman, Ronke Sokefun, said he believed the corporation’s mandate was critical to the financial sector of Nigeria’s economy.
He said the House would structure the corporation to enhance the agency’s statutory functions, saying the House would look at the law establishing the agency to make amendments that would ensure that some of its functions do not overlap with that of the Central Bank of Nigeria (CBN).
“On the issue of cryptocurrency, I think block-chain technology is novel and coming up strong. We don’t want to be left behind
“Not too long ago, a group of world leaders, G20 met in Osaka, Japan and one of the issues they discussed was block-chain technology and cryptocurrency.
“They had a sub-group of leaders called the V20 established from that meeting. It’s an assemblage of virtual currency representatives. I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously.
“The House is ready to work with you on that so that we don’t get left behind, and within legislation and regulation of block-chain application that will put Nigeria within that rank of advanced technology.
“I’m aware that we trade on different platforms about $12 million on yearly basis in this country, and a lot of these things, as you said, are in the air but not captured. It is time we begin to look seriously at this advancement in technology,” the Speaker said according to a statement made available to newsmen by Lanre Lasisi his Special Adviser on Media and Publicity.