Nigerian Presidential says he supports digital currencies but wants the industry to be regulated.


Bukola Saraki, a presidential candidate in Nigeria, recently stated that he supports the digital currency industry, claiming that it has created opportunities for the country’s youth. He did insist, however, that laws guiding players in this space be enacted.

Bukola Saraki, one of Nigeria’s presidential hopefuls, was recently quoted as saying that he supports digital currencies and does not believe they will destabilize the economy. Nonetheless, the presidential candidate suggested that legislation and policies be put in place to guide players in this space.

Saraki, one of fifteen people vying to be the opposition’s presidential candidate in Nigeria’s upcoming elections, acknowledged that digital currencies have provided opportunities for the country’s youth during an interview. He stated, “

I also think it has helped especially the young generation in creating jobs and opportunities. And anything that creates jobs and an enabling environment for people to do their businesses, I am in support of that. So, yes, I am in support of that.

Saraki reiterated, however, that money laundering and abuse concerns that regulators often raise including the Central Bank of Nigeria (CBN) must be addressed.

As previously reported by News, the Nigerian central bank has since February 5, 2021, required financial institutions to block crypto-related transactions. The bank insists that privately issued cryptocurrencies like bitcoin have no place in Nigeria’s conventional financial system.

However, despite the CBN’s directive to financial institutions and its subsequent crackdown against errant institutions, Nigerian interest in digital currencies has not waned as peer-to-peer bitcoin traded volumes continue to show. This fact is further evidenced by Nigeria’s Securities and Exchange Commission (SEC)’s recent announcement of rules and guidelines that govern the players in the crypto industry.

Meanwhile, in the interview, Saraki still did not outline his plans for the crypto industry if he were to win the Nigerian presidency. At the time of writing, reports had emerged that Saraki had lost the race to become People’s Democratic Party candidate to Atiku Abubakar.