May 8, 2021
  • May 8, 2021

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Abuja chamber seeks policy direction on digital currency

...Proposes setting up presidential commission on cryptocurrency

The Abuja Chamber of Commerce and Industry (ACCI) has urged the federal government to set up a Presidential Commission to review cryptocurrency policy frameworks globally as a step toward providing clear direction for the adoption of digital currency policy in the country.

The chamber in a statement on Friday said members of the commission should consist of officials of the Central bank of Nigeria (CBN), Nigeria Exchange Group, the financial institutions and the bitcoin community in the country.

“It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” the statement signed by the ACCI president, Al-Mujtaba Abubakar said.

ACCI said the commission should be tasked with the responsibility of review Cryptocurrency policy frameworks worldwide; assess successful, failing and failed frameworks globally; integrate and domesticate successful models for draft policy framework for Nigeria and propose plan of action for phased usage of the technological currency within the Nigerian financial system.

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According to the chamber, “We are also not oblivious of the policy gap that currently exists on the subject. As noted by the Vice President, Prof Yemi Osinbajo, Cryptocurrency is a global phenomenon that nations must address rather than run away from it.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” Abubakar said.

He said global trends on the subject also make its imperative for Nigeria, the biggest economy in Africa, to act swiftly on the policy plane.

Citing the recent listing of the biggest US cryptocurrency exchange on the Nasdaq, the chamber said the development marked a milestone in the economic journey of virtual currencies.

“The listing is the biggest yet of a cryptocurrency company, with the San Francisco-based firm saying last month that private market transactions made the company valued at around $68 billion (€57 billion) this year, versus $5.8 billion in September.
“Our Policy Centre at Abuja Chamber of Commerce and Industry has conducted extensive review of the subject under a new Policy Brief and we have arrived at a number of policy proposals for the Nigerian Presidency and all stakeholders,” the chamber statement noted.