{"id":67895,"date":"2019-07-24T07:05:12","date_gmt":"2019-07-24T06:05:12","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=67895"},"modified":"2019-07-24T07:05:12","modified_gmt":"2019-07-24T06:05:12","slug":"gbajabiamila-seeks-legislation-for-cryptocurrency","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/gbajabiamila-seeks-legislation-for-cryptocurrency\/","title":{"rendered":"Gbajabiamila seeks legislation for cryptocurrency"},"content":{"rendered":"
\n
<\/div>\n
\n
\u200eThe Speaker of the House of Representatives Rt. Hon. Femi Gbajabiamila
\nhas said that there is a need to come up with a legislation on
\ncryptocurrency, which is gradually becoming acceptable all over the
\nworld.<\/p>\n

The Speaker said the legislation became necessary to regulate
\ntransactions involving cryptocurrency for Nigeria not to be left behind.<\/p>\n

Gbajabiamila who spoke during a visit by the board of the Nigerian
\nDeposit Insurance Corporation (NDIC) led by its chairman, Ronke Sokefun,
\nsaid he believed the corporation’s mandate was critical to the financial
\nsector of Nigeria’s economy.<\/p>\n

He said the House would structure the corporation to enhance the
\nagency’s statutory functions, saying the House would look at the law
\nestablishing the agency to make amendments that would ensure that some
\nof its functions do not overlap with that of the Central Bank of Nigeria
\n(CBN).<\/p>\n

“On the issue of cryptocurrency, I think block-chain technology is novel
\nand coming up strong. We don’t want to be left behind<\/p>\n

“Not too long ago, a group of world leaders, G20 met in Osaka, Japan and
\none of the issues they discussed was block-chain technology and
\ncryptocurrency.
\n“They had a sub-group of leaders called the V20 established from that
\nmeeting. It’s an assemblage of virtual currency representatives. I think
\nthe world is taking the issue of cryptocurrency and block-chain
\ntechnology seriously. We don’t want to be left behind, and we have to
\ntake it seriously.<\/p>\n

“The House is ready to work with you on that so that we don’t get left
\nbehind, and within legislation and regulation of block-chain application
\nthat will put Nigeria within that rank of advanced technology.<\/p>\n

“I’m aware that we trade on different platforms about $12 million on
\nyearly basis in this country, and a lot of these things, as you said,
\nare in the air but not captured. It is time we begin to look seriously
\nat this advancement in technology,” the Speaker said.<\/p>\n

On structuring the corporation, the Speaker said “there seems to be a
\nblurry line over some of your functions and that of CBN: some
\noverlapping functions.
\n“I think we need to structure NDIC so that the lines are clearly
\ndefined. I’m sure if that hasn’t happened already, there will be times,
\nif not now but in the future when those grey areas might cause issues
\nbetween you and the CBN.\u200e”<\/p>\n

Speaker Gbajabiamila also assured that the yet-to-be-constituted House
\nCommittee on Banking and Currency would pay adequate attention to the
\nactivities of the corporation and that suggestions on how to collaborate
\nwith the House would be welcomed.\u200e<\/p>\n

Earlier, the NDIC chairman Sokefun said the visit \u200ewas to congratulate
\nthe Speaker on his emergence and acquaint him with the basic functions
\nof the corporation being a critical player in the Nigerian financial
\nsector.<\/p>\n

\u200eShe said the corporation has achieved remarkable success in its 30
\nyears of operations, noting that it was the first public sector
\ninstitution in Nigeria to receive three international standards
\ncertification.<\/p>\n

She said NDIC the corporation has been remitting pension and national
\nhousing funds, among others, to the appropriate quarters and that it was
\nadjudged the best performing ministerial sector unit by SERVICOM.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

\u200eThe Speaker of the House of Representatives Rt. Hon. 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