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 After Uganda, Nigeria issues Crypto Warning!

 



Following Uganda's caution against Crypto, another African nation has warned against the use of Crypto - Nigeria. Nigeria Deposit Insurance Corporation (NDIC), the national federal insurance overseer and safety net provider, issued a public warning advising extreme caution while using cryptocurrencies in an official press release on July 25.

 

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Addressing the media, the managing director and CEO of NDIC Umaru Ibrahim said that relying solely on cryptocurrencies is very risky, considering that they are not regulated and unbacked by central banks in most financial jurisdictions. Similar to the United States’s Federal Deposit Insurance Corporation, the NDIC offers a safety net for depositors and aims to protect the banking system from instability. The NDIC has been a key cog in ensuring fiscal stability in Nigeria over the last 30 years.
 

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All hope is not lost: House speaker notes need for crypto regulation

While, the CEO, Umaru Ibrahim voiced his concerns, speaker Femi Gbajabiamila, equally earnestly, claimed that Nigeria should seek to regulate cryptocurrencies and partake in the emerging global crypto market, saying:

“The NDIC and other safety-net participants in the country must not be left behind in the adoption of appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space.”

Gbajabiamila, in the past. also discussed the difference between the NDIC and the Central Bank of Nigeria and had said that the House of Representatives would assist NDIC in growing its statutory functions, without infringing upon the bank’s domains of responsibilities.

 

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