Bukola Saraki (Nigeria’s presidential hopeful) recently stated that he supports digital currency, claiming it has provided opportunities for young people. He insisted, however, that laws are needed to guide the players in this area.
Digital Currencies Offer Youth Opportunities
Bukola Saraki was quoted as saying that he supports digital currencies, and that he doesn’t believe they will ruin the economy. However, the presidential hopeful suggested that legislation and policies must be in place to help players in this space.
During an interview Saraki, one the 15 candidates for Nigeria’s opposition presidential candidate, stated that digital currencies had created opportunities and benefits for the country’s youth. He stated:
It has also helped the young generation create jobs and other opportunities. Anything that creates employment and provides an environment that allows people to run their own businesses, I support that. Yes, I support that.
Saraki reiterated however that money laundering and abuse issues that regulators frequently raise, including the Central Bank of Nigeria, (CBN), must be addressed.
Love affair between Nigerians and Crypto Assets
As reported by Bitcoin.com News previously, the Nigerian central banking has required financial institutions to stop crypto-related transactions since February 5, 2021. According to the bank, privately issued cryptocurrency like bitcoin is not allowed in Nigeria’s traditional financial system.
Despite the CBN’s directive to financial institution and subsequent crackdown on errant institutions to stop them, Nigerian interest has not diminished in digital currencies. peer to-peer Bitcoin trading volumes continue to increase. The recent announcement by Nigeria’s Securities and Exchange Commission of guidelines and rules that regulate the crypto industry players is further proof of this fact.
In the interview, Saraki did not elaborate on his plans for crypto industry, if he was to be elected president of Nigeria. Reports had come out that Saraki had lost his race to be the People’s Democratic Party candidate for Atiku Abubakar.