The House of Representatives has announced plans to investigate the national security implications of cryptocurrency, blockchain, and other digital asset transactions.
The decision came after the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun) during plenary.
In his motion, Isiaka highlighted the growing global concerns about the national security implications of cryptocurrency transactions, particularly through cryptocurrency exchanges, citing issues related to consumer and investor security.
He noted that these exchanges enable money laundering by criminals and terrorists for illicit activities.
The House resolved to investigate international money transfer operators, payment gateways and platforms, cloud computing, infrastructure (networks), and all online peer-to-peer (P2P) marketplaces, as well as utility sharing based platforms and their practices in Nigeria.
The aim is to identify threats to national security and gaps in legislative frameworks, statutes, and regulations.
Additionally, the House will investigate the current status of the E-Naira on the global cryptocurrency platform, including the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.
The House also resolved to engage with all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations.
They will unravel the profile of operators in the sector, including their legal status, parent company, and compliance with existing statutes, particularly in relation to infractions against Nigeria such as money laundering, illicit transactions, currency speculation, and bad practices.
Furthermore, the House will superintend the engagement of the office of the National Security Adviser and other relevant agencies in tracking and recovering illicit and laundered funds or assets.
They emphasized the importance of observing equity, probity, transparency, the rule of law, and international best practices in investigating cryptocurrency exchanges and other related activities.
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