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People disregard current Crypto Legislation, Nigerian Lawyers urge the Government to Act

In a recent two-day workshop in Nigeria, legal experts urged government officials to consider revising the country’s crypto legislation standards carefully. The experts believe that this revision is necessary since Nigerians have mostly ignored the existing regulations that limit cryptocurrency trading and investment.

Peer-to-peer trading platforms are allowing Nigerians to circumvent the central bank’s ban on cryptocurrency trading. In the first half of 2022 alone, Nigerians traded approximately $400 million worth of cryptocurrency on Paxful’s peer-to-peer exchange. Further, a recent study found that Nigeria has the world’s highest interest in cryptocurrencies.

David Awe, the head of Africa Fintech Foundry (AFF), discussed the challenges involved in establishing a legal framework for blockchain smart contracts. According to Ikechukwu Uwant, head of the Nigerian Bar Association (NBA) Lagos chapter, lawyers should seek methods to profit from the cryptocurrency industry.

Despite the hype over cryptocurrency, many people don’t know the governing laws. So what security issues arise with digital assets? 

The Guardian reported that the money flowing into this industry further supports Nigeria’s need for clear legislation, supported by the legal experts’ opinions. One of the experts in the report, Roger Geisler, is a special agent in the Arizona Attorney General’s Office. He explains that putting regulations in place might potentially reduce the dangers that cryptocurrency users experience.

Continuing, he mentioned that phoney wallets are found on the Google Play Store and are routinely duplicated to appear genuine. After filling the wallet, the money is removed, leaving the wallet empty.