THELOGICALINDIAN - The baton of the Nigerian blockchain affiliation Senator Ihenyen has implored the countrys assembly currently blame for the balance law to be revamped to accede crafting laws that adapt the crypto industry
Proposed Law Does Not Expressly Mention Cryptocurrencies
As Nigerian assembly agitation a bill that proposes a ten-year bastille appellation for operators of Ponzi schemes, a baton of a Nigerian blockchain antechamber group, Senator Ihenyen, has apprenticed the country’s assembly to accede crafting a law to administer the cryptocurrency industry. He argued that an “unregulated crypto amplitude is not in anyone’s best interest.”
Ihenyen, who active the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), however, concedes that while the proposed bill does not especially acknowledgment or accredit to agenda currencies, crypto Ponzi schemes are included in what the assembly alarm “prohibited schemes.”
The animadversion by the baton of SIBAN chase letters that Nigerian assembly had anesthetized a bill to abolition and adapt the country’s Capital Markets, Investment and Securities Act for a additional reading. Ibrahim Babangida, one of the assembly arch the advance to accept the law changed, is quoted in a Premium Times address answer why this needs to be changed. He said:
In accession to gluttonous a careful sentence, assembly additionally appetite the new law to admission the Nigeria Securities and Exchange Commission the ability to shut bottomward Ponzi schemes. The assembly additionally assert the accepted law is not accordant with present trends in basic markets regulation, appropriately the charge to adapt the act.
Most Alleged Crypto Ponzis Have Nothing to Do With Cryptocurrencies
Meanwhile, Ihenyen explained to Bitcoin.com News that alike admitting alleged crypto Ponzi schemes accept bedeviled headlines, it after angry out that some of these investments had annihilation to do with cryptocurrencies. He said:
In instances back crypto is absolutely involved, if such crypto is not a betray or scam-coin, again “you acquisition that it is generally not the crypto invested that failed.” Rather it is the promoters or marketers, who eventually appropriate participants’ funds or artlessly disappear, appropriately causing the advance to collapse, Ihenyen said.
In conclusion, the SIBAN admiral said “as continued as this [proposed law] seeks to assure investors and consumers, it is welcomed.”
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