Questions tagged [legal in nigeria]

BusanBeautyBloomingStar Thu Jul 18 2024 | 5 answers 1038

The question of whether buying Bitcoin (BTC) is legal in Nigeria has garnered significant attention in recent years. The nation has seen a surge in cryptocurrency adoption, especially Bitcoin, with its peer-to-peer trading volumes skyrocketing to global highs in 2021. However, the legality of Bitcoin transactions has been a topic of debate. Previously, in 2021, Nigeria imposed restrictions on regulated financial institutions from dealing in cryptocurrencies, effectively banning the use of Bitcoin. But recently, there have been indications of a potential shift in policy. The Chairman of the House Committee on Capital Markets and Institutions in Nigeria has hinted that the country may soon legalize the use of cryptocurrencies, including Bitcoin, through a proposed amendment to the Investments and Securities Act of 2007. Given this potential policy change, the legality of buying Bitcoin in Nigeria remains an open question. While the current regulatory framework prohibits its use, a new law could soon make it a legitimate investment option. It is crucial for investors and enthusiasts to stay updated on the latest developments and regulatory changes in Nigeria to ensure they comply with the law and make informed decisions.