Connect with us

Business

NDIC calls for regulation of cryptocurrencies

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to exercise maximum caution in the adoption of cryptocurrencies as their preferred mode of financial transactions.

A statement issued on Thursday by the NDIC quoted the Managing Director, Umaru Ibrahim, as saying that those who patronize digital currencies risk losing their savings.

Ibrahim made this statement during a courtesy visit with members of the board and management of the corporation to the Speaker of the House of Representatives, Femi Gbajabiamila, at the National Assembly Complex in Abuja.

According to the NDIC boss, the warning became imperative as cryptocurrencies are largely unregulated and without the backing of the traditional Central Banks in almost all financial jurisdictions.

READ ALSO: MTN notifies NSE of change in Directors, as Dozie leaves

In his response, Gbajabiamila commended NDIC on the visit, describing it as a right step towards fostering a harmonious working relationship with agencies in the executive arm of government.

The Speaker also called for appropriate regulatory framework to guide the use of cryptocurrency in the country.

He noted that the “entire world is exploring ways of mainstreaming cryptocurrencies into the global financial landscape.”

Gbajabiamila added that only recently, there was a meeting of world leaders in Osaka, Japan, to deliberate on the subject.

“The NDIC and other safety-net participants in the country must not be left behind in the adoption of appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space,” he said.

The speaker assured that the House, under his leadership, would ensure that the appropriate committee was assigned to handle the oversight functions of the NDIC.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now