Reps Investigate Cryptocurrency Impact on Nigeria’s National Security

The House of Representatives in Nigeria has recently resolved to investigate the national security implications of cryptocurrency and other digital asset transactions.

This investigation is aimed at understanding the impact of digital currencies on the country’s security and the status of the e-naira on the global cryptocurrency platform.

The House is also looking into the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

This move comes as a response to growing concerns about the potential risks associated with cryptocurrency, including its possible links to terrorism financing and other financial crimes.

On Monday, the House of Representatives Committee on Financial Crimes had already decided to issue a warrant of arrest against executives of the cryptocurrency platform Binance for failing to appear before the committee for an investigation.

The committee is looking into allegations that the platform is involved in the sponsorship of terrorism and other financial crimes.

In response to the committee’s concerns, a lawyer representing Binance presented a written address stating that the company’s board is afraid of coming to Nigeria for fear of further arrests by the government.

However, the lawmakers rejected this explanation and demanded that the executives appear before them to answer the allegations.

The Nigerian government has recently arrested two Binance executives and is seeking almost 10 billion dollars in compensation from the company on allegations of manipulating foreign exchange rates, which has negatively affected the value of the naira.

This ongoing investigation by the House of Representatives highlights the growing concern about the potential risks associated with the rapidly expanding world of cryptocurrency and digital assets.

It remains to be seen what the findings of the investigation will be and how they might impact the future of cryptocurrency in Nigeria.