Nigerian presidential candidate, Bukola Saraki, recently said that he supports the digital currency industry, which he claims has created opportunities for the youth of the country. However, he insisted that there is a need to have laws guiding the players in this area.
Digital currencies create opportunities for youth
One of Nigeria’s presidential candidates, Bukola Saraki, was recently quoted as saying that he supports digital currencies and does not think they will ruin the economy. The presidential candidate nonetheless suggested that there should be laws and policies to guide players in this area.
In his remarks during an interview, Sarki, one of fifteen people aspiring to be the opposition candidate in Nigeria’s upcoming presidential elections, acknowledged that digital currencies have created opportunities for the country’s youth. he said:
I also feel that it has helped in creating employment and opportunities especially to the younger generation. And whatever creates jobs and gives people an enabling environment to do their business, I am in support of that. So yes, I am in support of it.
However, Sarki reiterated that the concerns of money laundering and abuse that regulators often raise, including those of the Central Bank of Nigeria (CBN), must be addressed.
Nigerian love affair with crypto assets
As previously reported by Bitcoin.com News, the Nigerian central bank has required financial institutions to block crypto-related transactions from February 5, 2021. The bank insists that privately issued cryptocurrencies like bitcoin have no place in Nigeria’s traditional financial system.
However, despite CBN’s directive to financial institutions and subsequent actions against errant institutions, Nigerian interest in digital currencies has not waned as peer-to-peer bitcoin trading volumes continue to show. This fact is evidenced by the recent announcement of rules and guidelines by the Securities and Exchange Commission (SEC) of Nigeria that govern players in the crypto industry.
Meanwhile, in the interview, Sarki still hasn’t outlined his plans for the crypto industry if he wants to win the Nigerian presidency. At the time of writing, reports had surfaced that Saraki had lost to Atiku Abubakar in the race to become the People’s Democratic Party candidate.
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