Senate seeks cryptocurrency regulation.

Marvelockg

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Quote from: Smilevictorobinna on May 28, 2024, 09:32:19 AM

“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto.
“Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market?
“You can’t stop them from trading in the crypto market. So because we can’t stop them, you have to regulate it,” he said.
He also said that investing in the stock exchange and capital market would help to boost Nigeria’s economy.
Izunaso added that “President Bola Tinubu has told Nigerians that he is looking for a N1 trillion economy. That can only be done through the stock exchange, through the capital market.

Source

https://punchng.com/senate-seeks-cryptocurrency-regulation/

this guys just want to block and control all the sectors that the average man is surviving through and bring it all to themselves. The N1 Trillion naira economy is supposed to do what good to the country since at the end of the day it's still going into the pause of some selected few in the country. All they care about is themselves and how to add up to their pause. For them, regulating crypto is all about taxing and putting an eye on what's going on in the crypto space so as to lable anyone that's earning close to what they are earning as a fraudulent person.

They are asking were the money is going but can't explain where all the revenue the nation is generating is going to while the poor masses are suffering? Hypocritical politician that are just after there belly.

Sakanwa

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Quote from: Smilevictorobinna on May 28, 2024, 09:32:19 AM

NIGERIA GOVERNMENT HAVE SEEN THE FORCE COMING FROM CRYPTO THEY HAVE NO CHOICE THAN FOR THEM TO COPERATE.

The Senate Committee on Capital Markets on Monday called for the regulation of cryptocurrency to ensure some level of accountability and protection of investor’s funds.
The Chairman of the Committee, Sen. Osita Izunaso, said this when he briefed newsmen in Abuja after the committee screened Dr. Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission, and three executive commissioners behind closed door.
“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto.
“Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market?
“You can’t stop them from trading in the crypto market. So because we can’t stop them, you have to regulate it,” he said.
He also said that investing in the stock exchange and capital market would help to boost Nigeria’s economy.
Izunaso added that “President Bola Tinubu has told Nigerians that he is looking for a N1 trillion economy. That can only be done through the stock exchange, through the capital market.

Source

https://punchng.com/senate-seeks-cryptocurrency-regulation/

what I usually say is that no matter how the government tries to fight with cryptocurrency they won't get to them. Because justice belongs to Bitcoin, and about the regulating if you check very well most of the top leaders today are trading with cryptocurrency. And most of the business operates with cryptocurrency now in this Nigeria, and the government are also benefiting from it so it's right time for the government to open their eyes. If you see very well the youth's now are not longer waiting for the government to provide work for them, now the cryptocurrency are helping both the youth's and the top business men in this Nigeria. So it's right time the government regulate cryptocurrency and make it Centralized, so that the banks can also work with them that's what we need now. Our senete have seen the effort towards cryptocurrency that's to show to our president that cryptocurrency is valuable in our country.

Ishicryptic

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It is high time that our government should understand that cryptocurrency businesses have come to stay in Nigeria, whether they like it or not, the awareness is increasing and many people are adopting it everyday. A lot of our youths are now into different areas of the crypto market in Nigeria. Take for instance, the Notcoin, airdrop that many Nigerians benefited from, it has greatly increased the number of people that are interested in crypto, so it is also to the advantage of the government that they come and take advantage of the profits in cryptocurrency by regulating it.

Our senete seeking the regulation of cryptocurrency is a step in the right direction, I hope that they will workout a favorable tax law that will not frustrate the many Nigerians that are into cryptocurrency, if they are able to come up with a plan that will be favorable, then they will create a conducive environment for the crypto sector in the country. This is the right path that they should be following instead of tackling p2p transactions on exchanges

iBaba

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Quote from: Charles-Tim on May 28, 2024, 09:48:57 AM

They want 1 trillion naira economy but see their moves against crypto P2P transactions which they can not even cease its existence in Nigeria. Regulations will help in taxing but they are fighting P2P transactions instead.

The Senate as been so silent about cryptocurrencies and I expect they can not be so illiterate in crypto economy like the CBN governor and the present SEC governor that only what they know is to fight P2P transactions.

If the regulations is against P2P, let them continue to deceive themselves because do not forget that Nigeria has the highest P2P transactions in 2023 in the world.

I'm still trying to figure out how fighting the P2P transactions will help bolster our economy that both the institutions of the CBN and SEC are hellbent over when there are many benefits attached to properly regulating those transactions instead. As a country, we need to advance over this as quickly and smoothly as possible. It also baffled me on how the CBN was chasing the BDCs at a time only to bring them back to operations again.

These inconsistencies doesn't portray our nation so well to my take. I suggest we always take a robust and meticulous resolutions towards these issues that which will align with our policy direction and bring about hope in the heart of the citizens

Lida93

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Quote from: Charles-Tim on May 28, 2024, 09:48:57 AM

They want 1 trillion naira economy but see their moves against crypto P2P transactions which they can not even cease its existence in Nigeria. Regulations will help in taxing but they are fighting P2P transactions instead.

You don see the bush man mentality nah, for their mind them think say nah we here for Nigeria wey them the use instrument of force the make us succumb to their will and caprices. Now their eyes don the open say nah them the lose for the fight naw them wan use the back door take embrace crypto. Make we just watch and see the kind of regulations wey them wan introduce, though I go advise say make them no just to dey rigid with the regulatory policies cause eim go still chase away exchanges from operating in the country if the policies rigid.

Quote

The Senate as been so silent about cryptocurrencies and I expect they can not be so illiterate in crypto economy like the CBN governor and the present SEC governor that only what they know is to fight P2P transactions.

If the regulations is against P2P, let them continue to deceive themselves because do not forget that Nigeria has the highest P2P transactions in 2023 in the world.

The matter don the clear say nah the executive arm of the government nah be the problem of cryptocurrency for this country because twice way the Senate don talk about this issues bothering on crypto them the always focus on how it can be regulated for it to operate while ensuring the safety of the investors in the industry. I hope say the Legislative arm go push in more pressure on this matter to make the executive shield their sword against naira p2p in cryptocurrency exchanges.

Charles-Tim

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They want 1 trillion naira economy but see their moves against crypto P2P transactions which they can not even cease its existence in Nigeria. Regulations will help in taxing but they are fighting P2P transactions instead.

The Senate as been so silent about cryptocurrencies and I expect they can not be so illiterate in crypto economy like the CBN governor and the present SEC governor that only what they know is to fight P2P transactions.

If the regulations is against P2P, let them continue to deceive themselves because do not forget that Nigeria has the highest P2P transactions in 2023 in the world.

Smilevictorobinna

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NIGERIA GOVERNMENT HAVE SEEN THE FORCE COMING FROM CRYPTO THEY HAVE NO CHOICE THAN FOR THEM TO COPERATE.

The Senate Committee on Capital Markets on Monday called for the regulation of cryptocurrency to ensure some level of accountability and protection of investor’s funds.
The Chairman of the Committee, Sen. Osita Izunaso, said this when he briefed newsmen in Abuja after the committee screened Dr. Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission, and three executive commissioners behind closed door.
“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto.
“Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market?
“You can’t stop them from trading in the crypto market. So because we can’t stop them, you have to regulate it,” he said.
He also said that investing in the stock exchange and capital market would help to boost Nigeria’s economy.
Izunaso added that “President Bola Tinubu has told Nigerians that he is looking for a N1 trillion economy. That can only be done through the stock exchange, through the capital market.

Source

https://punchng.com/senate-seeks-cryptocurrency-regulation/

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