Cryptocurrency: FG to remove naira from P2P platforms

The Federal Government has announced plans to delist naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, announced this during a virtual meeting with blockchain stakeholders in the country.

P2P platforms allow two parties to connect directly to engage in financial transactions without the involvement of traditional financial institutions.

Agama, in a statement on Monday, May 6, 2024, said the decision to delist naira from P2P platforms to avoid “manipulation” in cryptocurrency.

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He added: “With our deep understanding of this industry and the cryptocurrency sub-sector, we recognise the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading possess.

“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”

The Star