Lawmakers Engage in Deliberations Over Crypto Transaction Regulation

There will be an investigation into the effects of digital asset transactions on national security, the House of Representatives decided in a motion.

The House is also tasked with investigating the e-naira’s present standing on the worldwide cryptocurrency platform, as well as the expenses, procedures, and compliance with statutes that went into its creation.

“The House, hereby, resolved to mandate the House Committee on National Security and Intelligence to investigate the current status of gateway platforms and how they truly or not connect with many security challenges in the country,” stated Isiaka Ibrahim, an Ogun State lawmaker, who read Tuesday’s House resolution.

The House Committee on Financial Crimes decided Monday to seek an arrest warrant against Binance executives for failing to appear before them during an inquiry.

The purpose of the warrant of arrest, according to Ginger Onwusibe, chair of the committee, is to force the executives to appear before lawmakers to answer questions.

A lawyer representing Binance came before the committee and read a prepared statement in which he said the company’s board is afraid to visit Nigeria for fear of additional arrests by the government.

Despite the lawyer’s best efforts, the politicians ignored him.

Following the arrest of two Binance officials last week, the Nigerian government is suing the cryptocurrency firm for nearly $10 billion, claiming that Binance manipulated foreign exchange rates, causing the naira’s value to plummet.