The anticipated meeting between stakeholders in the blockchain industry and the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has been rescheduled.
Originally slated for 10 am on Monday, the virtual session will now convene at 2:30 pm, according to an email sent to our correspondent by the Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Kue Paul.
BICCoN, the facilitator of the event, expressed gratitude for the interest in attending the interactive session with Dr. Emomotimi John Agama, emphasizing its significance for the Nigerian blockchain sector. The email notification stated, “Please note that the interactive session with the SEC DG has been rescheduled for 2:30 pm WAT on Monday, May 6, 2024.”
Sources familiar with the matter hinted that during the rescheduled meeting, the government might announce a temporary halt in peer-to-peer (P2P) crypto trading. This pause aims to pave the way for the formulation of comprehensive regulations to govern the burgeoning sector effectively.
Speculations suggest that the government could engage crypto stakeholders to discuss and devise a new set of rules aimed at better regulating the crypto space. This initiative follows past regulatory actions, including the Central Bank of Nigeria’s (CBN) 2021 restriction on banks and other financial institutions from operating accounts for cryptocurrency service providers. However, in December 2023, the CBN lifted the ban and announced a policy reversal.
Recent concerns have arisen over the activities of Binance, the world’s largest cryptocurrency exchange, particularly on its P2P platform. Instances such as implementing a price cap on USDT trading have drawn scrutiny from authorities. These activities are believed to have contributed to the devaluation of the naira and destabilized Nigeria’s economy.
According to the 2023 Geography of Cryptocurrency Report by Chainalysis, a US-based international blockchain analysis firm, Nigeria witnessed a nine per cent year-over-year growth in crypto transactions, reaching $56.7 billion between July 2022 and June 2023.
