Philip Nyam 
Speaker of the House of Representatives, Tajudeen Abbas, yesterday inaugurated an Ad-hoc Committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.
While inaugurating the committee in Abuja, Abbas said that the committee became necessary following growing concerns of fraud, cybercrime, and consumer exploitation in the digital finance space.
He said over the years, the Nigerian economy proved to be resilient, often bouncing back from recessions and showing impressive growth in its non-oil sectors.
According to him, it is therefore safe to conclude that the cryptocurrency trade will thrive in such a robust economic environment. He, however, said the vulnerability inherent in cryptocurrency operations cannot be underestimated.
The speaker said there were real concerns about its susceptibility to terrorism financing and money laundering, considering its opaque nature, dubious regulatory framework, unclear governance structure and lack of accountability.
He said: “It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.
“This Ad-Hoc Committee is therefore absolutely necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy. “Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria.”
