The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to immediately set up a Presidential Commission on Cryptocurrency in view of recent developments in the digital and Cryptocurrency space in Nigeria and internationally.

The Chamber, in a statement signed by its president, Dr Al-Mujtaba Abubakar, stated that the commission, when established, would review Cryptocurrency policy frameworks worldwide and assess successful, failing and failed frameworks globally.

The Chamber also maintained that the envisaged commission should integrate and domesticate successful models for a draft policy framework for Nigeria and propose plan of action for phased usage of the technological currency within the Nigerian financial system.

The Chamber also suggested that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange (NSE), banking and financial institutions, bitcoin community, digital currency experts and relevant Ministries, Departments and Agencies (MDAs) and the Organised Private Sector (OPS).

It stressed: “It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria.

“We are aware of the recent controversy on the subject, leading to the Central Bank directives to banks and financial institutions.

“We are also not oblivious of the policy gap that currently exists on the subject. As noted by the Vice President, Prof Yemi Osinbajo, Cryptocurrency is a global phenomenon which nations must address rather than run away from it.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology.”

The Abuja Chamber maintained that global trends on the subject also made its imperative for Nigeria, the biggest economy in Africa, to act swiftly on the policy plane.

According to it, “Just this week, the biggest US cryptocurrency exchange, announced its listing on the Nasdaq, marking a milestone in the economic journey of virtual currencies.

“The listing is the biggest yet of a cryptocurrency company, with the San Francisco-based firm saying last month that private market transactions made the company valued at around $68 billion (€57 billion) this year, versus $5.8 billion in September.

“Our Policy Centre at Abuja Chamber of Commerce and Industry has conducted extensive review of the subject under a new Policy Brief and we have arrived at a number of policy proposals for the Nigerian Presidency and all stakeholders.

The Abuja Chamber maintained that a commission would have all facts on the table and chart a sustainable path forward for Nigeria.

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