Nigeria House Of Rep. Moves To Regulate Blockchain Technology

Last Month, Nigeria Deposit Insurance Commission warned against trading of bitcoin and other cryptocurrency stating cryptocurrency transaction as unauthorized by the Central Bank of Nigerian (CBN). This is just one of the numerous warnings issued by the NDIC, CBN, SEC and other financial bodies in the country.

A motion to regulate cryptocurrency has been raised at the Nigeria National Assembly; an initiative by Blockchain Solutions limited one of the few companies in Africa, based in Nigeria helping the continent to understand and implement the power of blockchain technology in areas of Agriculture, smart contract, insurance, healthcare, data storage, digital asset transfer and others.
Hon. Solomon Adaelu who raised the motion in a move to regulate blockchain technology and push for its adoption under a regulatory framework made it clear that this is the new emerging technology Nigeria cannot afford to miss out on. He also highlighted some key major regulatory event taking place around the world as more reason why Nigerians should embrace this new emerging technology before its too late.

Read Also:

NDIC Warns Nigerians Against Cryptocurrency Transactions

Hon Solomon Adaelu is from the Dame LGA.Obingwa in Abia State and the motion was seconded by a Honurable member in Ekiti Statee.

Hon Solomon Adaelu also called on all governmental agency, the central bank of Nigeria, Nigeria Deposit Insurance Commission(NDIC) to put in place a legal framework for the regulation of this emerging technology and look into its importance in eradication poverty in Nigeria and Africa Countries.

Hon Solomon Adaelu also urged the house to form a committee on blockchain technology & IOTand also invite the central bank, Minister of Science & Technology, Minister of finance to share their knowledge on blockchain technology and educate the national assembly on the benefit of blockchain technology.