The House of Representatives has unanimously decided to investigate the national security implications surrounding cryptocurrency, blockchain, and various digital asset transactions.
The motion to launch this inquiry was presented by Rep. Isiaka Ibrahim (APC-Ogun).
Rep. Isiaka highlighted the growing global concerns regarding the national security ramifications associated with cryptocurrency transactions conducted through exchanges, emphasizing potential threats to consumer and investor security.
He underscored the role of these exchanges in facilitating money laundering activities by criminals and terrorists for their illicit pursuits.
The House, upon adopting the motion, committed to investigating a broad spectrum of elements, including international money transfer operators, payment gateways, platforms, cloud computing, infrastructure (networks), online peer-to-peer (P2P) marketplaces, utility-sharing platforms, and their operational practices within Nigeria.
This comprehensive inquiry aims to identify potential threats to national security and reveal gaps in the existing legislative framework, statutes, and regulations that may be detrimental to the country.
Specific focus will be directed towards scrutinizing the current status of the e-naira on the global cryptocurrency platform, investigating the associated costs, processes undertaken, and statutory compliance involved in its creation.
The House has resolved to engage with relevant stakeholders to initiate the necessary processes for establishing required legislation and regulations in this domain.
The profile of operators within the sector, including their legal status, parent company, and compliance with existing statutes, will be unravelled to assess potential complicity in infractions against Nigeria, such as money laundering, illicit transactions, currency speculation, and other malpractices.
To bolster these efforts, the House has tasked the Committee on National Security and Intelligence with supervising the engagement of the National Security Adviser’s office and other relevant agencies, along with cryptocurrency exchanges, in tracking and recovering illicitly acquired funds or assets.
The lawmakers have committed to ensuring that the government’s investigation into cryptocurrency exchanges adheres to principles of equity, probity, transparency, the rule of law, and international best practices. The matter has been referred to the Committee on National Security and Intelligence, which will subsequently report back to the House for further deliberations.
