From Ndubuisi Orji, Abuja
The House of Representatives has commenced a probe of the security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in the country.
The speaker, Tajudeen Abbas, while speaking at the inauguration of the probe panel, said the investigation became necessary following growing concerns over fraud, cybercrime, and consumer exploitation in the digital finance space.
Abbas stated that the owing to the inherent vulnerability of cryptocurrency operations, there were real concerns about its susceptibility to terrorism financing and money laundering.
He added that the concerns are heightened by the opacity unclear governance structure, as well as lack of accountability.
According to him, “it is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.
“This Ad-Hoc Committee is therefore absolutely necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy. Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria.”
The Chairman of the committee, Olufemi Bamisile, in his remarks, said the assignment is of national significance aimed at striking a balance between financial innovation and national security.
Bamisele said “Across the world, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating new opportunities for commerce, financial inclusion, and innovation.
“But alongside these opportunities lie serious risks cybercrime, fraud, money laundering, terrorism financing, and regulatory uncertainty.”
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