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Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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Uche Uwaleke, Professor of Finance and Capital Market, has
lauded the Securities and Exchange Commission (SEC)
decision to commence regulation of crytocurrencies
investments in the country.
Uwaleke, of the Nasarawa State University, disclosed this in an
interview with the News Agency of Nigeria (NAN).
A cryptocurrency is a digital money that operates on the
blockchain technology.
He said that the commission’s decision was a welcome
development, considering the economic realities of the
country.
Uwaleke noted that there had been an increase in digital
investments due to COVID-19 pandemic which depressed
returns in other assest classes.
He explained that crytocurrency regulation would ensure
market integrity and transparency of operations
It would also ensure safe-keeping of participants’ assets,
appropriate price discovery mechanisms and investors
protection.
Uwaleke said that the SEC decision was timely and in line with
the International Organisation of Securities Commissions
guidelines on cryptocurrencies regulation.
“Cryptocurrencies and other digital investments have come to
stay and so it will amount to living in denial not to recognise
their risks and benefits.
“This is particularly so with the increase in digital investments
following COVID-19 which depressed returns in other asset
classes.
“As a new investment channel with unique payment, clearing
and settlement systems, digital investments have inherent
risks.
“So, the least market participants would expect is a fair market
that is well regulated,” Uwaleke said.
He said that the Central Bank of Nigeria (CBN) and SEC
needed to be proactive in the interest of the investing public
and the financial system in general.
NAN reports that SEC on Monday said that it would begin
regulation of crypto-token or crypto-coin investments in
Nigeria.
It said regulation was important to protect investors and
ensure market integrity and transparency.
The commission said the general objective of regulation was
not to hinder technology or stifle innovation but to create
standards that encourage ethical practices.
The Nigerian government had in the past described digital
currencies as illegal and warned its citizens against it. (NAN)

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