The Independent Corrupt Practices and other related offences Commission, ICPC, has urged the National Assembly to create legislations that would regulate cryptocurrency trading in Nigeria.
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Chairman, ICPC, Prof. Bolaji Owasanoye (SAN) made the call at the opening ceremony of a two-day capacity building retreat with National Assembly and ICPC Board/Committee Directors with the theme, “Corruption, IFFS and financing for national development,” held on Tuesday in Uyo, Akwa Ibom State capital.
The commission added that the operators have used the medium to perpetrate heinous crimes such as money laundry and payment of ransom for kidnapping.
Owasanoye noted that gaps in the law and absence of regulatory framework have emboldened the perpetrators of these crimes to swindle unsuspecting members of the public as well as to engage in illicit financial flow.“There is a need for regulatory intervention in cryptocurrency trading. Some people have used digital currency and assets to commit huge corruption, money laundry and terrorism financing.
He claimed that, “there is a need for regulatory intervention in cryptocurrency trading. Some people have used digital currency and assets to commit huge corruption, money laundry and terrorism financing.
“Cryptocurrencies have become an alternative payment platform for kidnappers and this would be impossible for law enforcement agencies to trace.
“Many people have lost money through cryptocurrency trading unlike in a bank depository scheme where your money is insured incase of any eventuality. But if you lose money in cryptocurrency what insurance do you have? who would you hold responsible? Who is guaranteeing digital currency, you don’t even know the people who created them, they are anonymous.”
The Chairman also noted some positive aspects of cryptocurrency and emphasized on the need for it’s regulations.