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Weekly Crypto Overview: Fintech Nigeria Final Roadmap Report Calls Cryptocurrency a Security or Commodity. 

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Last updated on January 10th, 2020 at 11:46 pm

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In this week’s overview on cryptocurrency news in Nigeria, fintech association of Nigeria final roadmap report records cryptocurrency not as a currency but as a security or commodity. 

This calls for regulations which will be issued the same way other securities are regulated in the Nigeria Capital Market. A new development which will give a clear picture to cryptocurrency regulations in Nigeria.

The report encourages regulation of virtual financial assets exchanges by the Security Exchange Commission of Nigeria since cryptocurrency will become a tradeable security. 

The regulation of ICO, STOs and other equity based crowdfunding by blockchain focused fintechs should be carried out by the SEC while interest based crowdfunding should be done by the Central Bank of Nigeria.

Ghana Declares Support for Eco Currency 

Government of Ghana through her director of communications, Eugene Arhin has issued a press release affirming that the country will be joining UEMOA to adopt the new Eco Currency. 

“This is a welcome decision which Ghana warmly applauds. It is good testimony to the important that is being attached not only to the establishment of a monetary union but also to the larger agenda of the West African Union.”

The announcement came few days after the West Africa Economic and Monetary Union (UEMOA) members through President Alassane Ouattara of Ivory Coast denounced its CFA to start using the Eco Currency.

Nigeria Reacts to the Change of CFA to Eco Currency:

Immediately it’s two days after Ghana declared support to the change of CFA to Eco Currency, Nigeria issued a Press Release declaring her stance on the new sudden development. 

The issued Press Release letter reads;

“Nigeria has received the news of the change of name of the UEMOA currency, the CFA (Communuate Financiere d’Afrique) to Eco supposedly as the ECOWAS Single Currency. Nigeria is studying the situation and will respond in due course.”

The Press Release came through Yunusa Tanko Abdullahi, Special Adviser on media and communication to the honourable minister of  fianance budget and planning on Monday 30th December in Abuja.

The new circumstances surronding the issue of the Eco currency stresses the digital colonization dilemma. Critics claims that Africa might see a new era of colonization called digital colonization which will befall Africa if issues are not looked into.

This colonization like he said will come mainly through technology endangering our economic. This will make Africa gullible and open to manipulative actions of the first world countries.

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