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HomeLaw & PoliticsBlockchain Technology Association of Nigeria demands law for cryptos

Blockchain Technology Association of Nigeria demands law for cryptos

Senator Ihenyen, the president of the Nigerian Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has urged the country’s politicians to consider framing rules to govern the crypto business in Nigeria. He expressed that an uncontrolled crypto sector is not in anyone’s best interest. 


Recently, Nigeria’s parliamentarians debated a bill proposing a ten-year prison sentence for operators of Ponzi schemes. They had passed the bill repealing and re-enacting the country’s Capital Markets, Investment, and Securities Act.


According to Ihenyen, the proposed measure in the act does not explicitly include digital currencies. However, there is a direct inclusion of terms like crypto Ponzi schemes by marking them as prohibited schemes.


Ibrahim Babangida, one of the lawmakers from the Nigerian parliament who led the amendment to the related law, explained in a Premium Times report that the bill outlaws Ponzi/Pyramid Schemes, as well as other illicit investment schemes, and imposes a minimum 10-year prison sentence on anyone who advocates them.


SIBAN President told News that regardless of the fact that crypto Ponzi schemes have grabbed prime space in most of the news headlines, some of these investments turned out to have nothing to do with cryptocurrency. He also supported the new legislation if it is for safeguarding investors and consumer’s interest.


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