From Ndubuisi Orji, Abuja

The House of Representatives has mandated its Committee on National security and Intelligence to undertake a probe of digital asset transactions, as well as cryptocurrency, so as to ascertain their security implications for the country.

The Committee is also expected to investigate the activities of international money transfer operators, payment gateways and platforms and cloud computing systems. Similarly, the panel was mandated to probe the current status of the e-Naira on the global cryptocurrency platform amongst others.

Similarly, the House resolved to engage relevant stakeholders to initiate necessary processes for establishing required legislation and regulations. It also resolved to establish the profile of operators in the sector, including their as legal status, parent company, and assess their compliance with extant laws in the country.

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Furthermore, the Green Chamber equally resolved to superintend over the engagement of the office of the National Security Adviser (NSA), relevant agencies, cryptocurrency exchanges, and stakeholders in tracking, Identifying, and recovering illicit and laundered funds or assets.

Isiaka, in his motion, stated that there is “growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security. “

The lawmaker highlighted the concerns of the the Central Bank of Nigeria (CBN) that the cryptocurrency might be an avenue for illicit transactions amongst other risk to the security and economy of the country.

According to him, “these exchanges are said to enable money laundering by criminals and terrorists for their illicit activities.”