The scheduled meeting between stakeholders in the blockchain industry and the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has undergone a rescheduling. Initially set for 10 am on Monday, the virtual meeting has been pushed back to 2:30 pm. This change was communicated through an email sent to the correspondent and signed by the Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Kue Paul. BICCoN is facilitating the event.

In the email, it was stated, "Thank you for your interest in attending the interactive session with Dr. Emomotimi John Agama, Director General of the Securities and Exchange Commission. The Blockchain Industry Coordinating Committee of Nigeria is facilitating this event specifically for the Nigerian blockchain industry. Please note that the interactive session with the SEC DG has been rescheduled for 2:30 pm WAT on Monday, May 6, 2024."

Sources familiar with the matter indicated that during the originally proposed Monday meeting, the government might consider announcing a temporary halt in peer-to-peer (P2P) crypto trading. This pause would allow for the formulation of comprehensive rules to effectively regulate the crypto space. Additionally, it's anticipated that the government might engage crypto stakeholders in discussions about implementing new regulations tailored to better oversee the industry.

In 2021, the Central Bank of Nigeria (CBN) imposed restrictions on banks and other financial institutions, preventing them from operating accounts for cryptocurrency service providers. However, in December 2023, the CBN lifted the ban and announced a reversal of its policy.

Fresh concerns arose in February over the activities of Binance, the world's largest cryptocurrency exchange, on its peer-to-peer platform. Actions such as implementing a price cap on USDT trading were cited by authorities as contributing factors to the devaluation of the naira and destabilizing Nigeria’s economy.

According to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States-based international blockchain analysis firm, Nigeria’s volume of crypto transactions increased by nine percent year-over-year to $56.7 billion between July 2022 and June 2023.

Naijamatta is a social networking site,

download Naijamatta from Google play store or visit www.naijamatta.com to register. You can post, comment, do voice and video call, join and open group, go live etc. Join Naijamatta family, the Green app.