The anticipated meeting between stakeholders in the blockchain industry and the Director General of the Securities and Exchange Commission, Emomotimi Agama, has been rescheduled.
Originally slated for 10 am on Monday, the virtual meeting will now convene at 2:30 pm.
This adjustment was communicated via an email sent to our correspondent early Monday, signed by Kue Paul, the Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
BICCoN is facilitating this event exclusively for the Nigerian blockchain industry. The email stated, “Thank you for your interest in attending the interactive session with Dr. Emomotimi John Agama, Director General of the Securities and Exchange Commission.
Please note that the interactive session with the SEC DG has been rescheduled for 2:30 pm WAT on Monday, May 6, 2024.”
Sources indicate that during the proposed Monday meeting, the government might announce a temporary halt in peer-to-peer (P2P) crypto trading to formulate comprehensive rules for effective regulation of the sector. Other sources suggest that the government may engage crypto stakeholders on new rules for better regulation of the space.
In 2021, the Central Bank of Nigeria (CBN) restricted banks and financial institutions from operating accounts for cryptocurrency service providers. However, in December 2023, the CBN lifted the ban and reversed the policy.
Concerns arose in February regarding activities on Binance, the world’s largest cryptocurrency exchange, particularly on its peer-to-peer platform, which included implementing a price cap on USDT trading.
Authorities cited these activities as contributing to the devaluation of the naira and destabilizing Nigeria’s economy.
According to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States-based blockchain analysis firm, Nigeria’s volume of crypto transactions increased by nine percent year-over-year to $56.7 billion between July 2022 and June 2023.
