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ACCI seeks presidential commission on cryptocurrency

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ACCI seeks presidential commission on cryptocurrency

By Emmanuella Anokam

The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government to set up a presidential commission on cryptocurrency in view of the growing intrusion of bitcoin into global and local financial systems.

ACCI President Dr Almujtaba Abubakar, who made it known in Abuja on Friday in a statement, listed some terms of reference to be followed to include the review of cryptocurrency policy frameworks around the world.

He noted that the commission should assess successful, failed and failed frameworks globally, integrate and domesticate successful models for the draft policy framework for Nigeria.

“The commission is expected to come up with an action plan for the progressive use of technological currency within the Nigerian financial system.

“We suggest that the members of the commission come from the Central Bank of Nigeria (CBN), the Nigerian Stock Exchange, banking / financial institutions, the Bitcoin community, digital currency experts and relevant MDAs and the organized private sector. .

“We believe that such a commission will have all the facts on the table and will be able to chart a sustainable path for Nigeria,” he said.

The ACCI president said he was aware of the recent controversy on the subject, which led to CBN guidelines to banks and financial institutions.

He added that he was also aware of the political divide that currently exists on the subject.

“As Vice President Professor Yemi Osinbajo noted, cryptocurrency is a global phenomenon that nations must grapple with rather than run away.

“The political gap prompts the administration to consider possible options to prepare the nation to face the positive and negative fallout from this new financial technology,” he added.

He said global trends on the topic also made it imperative for Nigeria, Africa’s largest economy, to act quickly politically.

According to him, again this week, the largest US cryptocurrency exchange announced its listing on the Nasdaq, marking an important step in the economic journey of virtual currencies.

He noted that his policy advocacy center has conducted an in-depth review of the topic as part of a new policy brief and has come up with a number of policy proposals for the Presidency and all stakeholders. (NOPE)

(NAN)

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