Cryptocurrency: 'Nigeria's regulatory role to surge in 2023 - New Telegraph Newspaper

As more countries move to adopt cryptocurrencies into their financial systems, a report has emerged that Nigeria’s cautious step to properly regulate the adoption will surge further during the current year. The report by congee. com said 2023 may be an even bigger year for Bitcoin and the blockchain for Africa. According to the report: “One of the key developments will be on the regulatory front. In the past year, regulators have stepped up their game, with the likes of Nigeria, Kenya and South Africa all passing landmark laws to govern the sector.
“This momentum will only surge in 2023. While the trailblazers will likely take the lead, other countries are showing an interest in policing the industry, and the likes of Ghana, Uganda, Zambia, Egypt, and Tanzania are likely to pass laws for the sector.” It noted that on the CBDC front, African nations made major leaps in 2022.
“Nigeria is the only African country with a CBDC, and in 2022, it engaged in several initiatives to spur eNaira adoption, including slashing merchant service charges, availing USSD codes, and more. “Adoption is still low, with the eNaira only hitting $10 million in transaction value in August.”
The report further said that while Nigeria is Africa’s biggest Bitcoin market, digital assets didn’t have any legal protection. It added that the Central Bank of Nigeria had cracked down on the sector, including by denying its banking services, adding that the new bill, for the first time, gave legal assurance to the sector and made it easier for companies to work with other sectors. “African countries continued to rank highly for adoption, with Nigeria, Morocco, and Kenya leading the pack. “The region also saw a surge in central bank digital currency (CBDC) activities at national and regional levels. The Central African Republic made history by becoming the first country to recognise BTC as a legal tender, but its deep dive into digital currencies didn’t end well,” the report noted.
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