Fun

Nigeria’s SEC boss says crypto can aid 38M unbanked

News Feed - 2024-06-28 08:06:12

Amaka Nwaokocha12 hours agoNigeria’s SEC boss says crypto can aid 38M unbankedEmomotimi Agama noted that cryptocurrencies like Bitcoin can considerably lower remittance costs, making it easier and cheaper for Nigerians abroad to send money home.1127 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Director General of the Securities and Exchange Commission (SEC) in Nigeria, Emomotimi Agama, has highlighted the potential of cryptocurrency to significantly benefit the country’s unbanked population. 


According to local news media, at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria, Agama projected that Nigeria’s cryptocurrency market would reach $52.5 million by 2028.Crypto adoption and volume of transactions


Agama noted that Nigeria’s cryptocurrency market is currently valued at over $400 million, with a substantial portion of the population engaged in crypto trading and transactions.


The SEC boss highlighted that approximately 33.4% of Nigerians own or use cryptocurrencies, which presents a unique opportunity to extend financial services to the country’s over 38 million unbanked adults.


Agama elaborated on the advantages of cryptocurrencies in providing financial services, particularly for those without traditional bank accounts. “Some people don’t have bank accounts, but they have wallets,” he remarked, highlighting the accessibility of cryptocurrencies.


Additionally, Agama pointed out that cryptocurrencies could significantly reduce remittance costs, with Bitcoin (BTC) transactions making it easier and cheaper for Nigerians in the diaspora to send money home. He noted that Nigeria is one of Africa’s largest recipients of remittances.SEC DG supports clear crypto regulations


However, Agama also acknowledged the challenges associated with cryptocurrency use, including regulatory uncertainty, security concerns and financial literacy issues. He emphasized the need for a balanced regulatory approach to harness the benefits of crypto assets while mitigating risks.


Related: Nigerian blockchain group calls for fair resolution in Binance case


Agama emphasized the need for a clear regulatory framework, improved cybersecurity measures and financial education to protect investors and promote a healthy digital asset market.


In April, Nigerian President Bola Ahmed Tinubu appointed Agama as the new head of the country’s SEC. Agama was the former managing director of the Nigerian Capital Market Institute.


Soon after, the SEC introduced an amendment to the initial Rules on Digital Assets Issuance, Offering Platforms, Exchange and Custody.


This program is specifically designed for virtual assets service providers and offers a path for these entities to align with the new regulatory requirements.


Magazine: Deposit risk: What do crypto exchanges really do with your money?# Bitcoin# Cryptocurrencies# Nigeria# SEC# Adoption# Cryptocurrency ExchangeAdd reaction

News Feed

3 key Bitcoin price metrics highlight traders’ lack of enthusiasm
Marcel Pechman3 hours ago3 key Bitcoin price metrics highlight traders’ lack of enthusiasmBitcoin price struggles as stablecoin and futures market data show declining confidence among traders.1994 Total views11 Total s
Wallstreetbets Founder Jaime Rogozinski and Wsbdapp Project Launch 15,000 Generative NFTs
Wallstreetbets Founder Jaime Rogozinski and Wsbdapp Project Launch 15,000 Generative NFTs On September 22, the team behind the Wallstreetbets defi application called Wsbdapp announ
Etoro to Limit Cardano and Tron Services in US Due to Regulatory Concerns
Etoro to Limit Cardano and Tron Services in US Due to Regulatory Concerns Etoro, an Israel-based trading platform, has taken action on its platform regarding the trading of cardano
Coingecko Publishes Q3 Crypto Report — BTC Outperformed Every Major Asset Class, Altcoins Decouple
Coingecko Publishes Q3 Crypto Report — BTC Outperformed Every Major Asset Class, Altcoins Decouple On Thursday, the crypto asset aggregation portal Coingecko published the firm&#
Kevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — ‘I Think SBF Is Telling the Truth’
Kevin O"Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — "I Think SBF Is Telling the Truth" Shark Tank star Kevin O’Leary and billionaire hedge fund manager Bil
Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle
Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle Digital asset markets have recaptured some of the losses taken three days ago, as a grea
S&P Global Report Says EU and UK Are in a Recession, Putin Thinks the West Is Greedy
S&P Global Report Says EU and UK Are in a Recession, Putin Thinks the West Is Greedy Today’s blustery global economy has everyone on edge as inflation has wreaked havoc on t
BTC price inches up with US stocks as Bitcoin bulls fight for $65K
William Suberg8 hours agoBTC price inches up with US stocks as Bitcoin bulls fight for $65KBitcoin sees a round of automated selling as BTC’s price vies with battered US stocks for a short-term recovery.1532 Total view
Bitcoin Bottom In Sight As Trump Expected To Soften Stance On Reciprocal Tariffs: Report
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ana Paula Pereira3 hours agoUK court grants appeal from Craig Wright in Bitcoin rights lawsuitThe decision reverses a prior ruling, allowing Craig Wright to appeal a lawsuit claiming copyright to the Bitcoin white paper
Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,100, as BTC Rebounds From 1-Week Low
Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,100, as BTC Rebounds From 1-Week Low Ethereum moved back above $2,100 on Tuesday, as markets reacted to the latest gross dom
Former Fed Chair Alan Greenspan Says Decreasing Supply of Greenbacks Makes the US Dollar a ‘Better Store of Value’
Former Fed Chair Alan Greenspan Says Decreasing Supply of Greenbacks Makes the US Dollar a "Better Store of Value’ On Nov. 2, 2022, the American economist and 13th chairman of th