Speaker Inaugurates Committee To Regulate Crypto Currency, POS Operations

The Speaker of the House of Representatives, Dr Abbas Tajudeen, has inaugurated an ad hoc committee to examine the economic, regulatory, and security implications of cryptocurrency adoption Point-of-Sale (POS) operations in Nigeria.

Speaking at the inauguration ceremony in Abuja, Dr. Abbas said the initiative became necessary amid rising cases of fraud, cybercrime, and consumer exploitation in the digital finance sector.

Represented by the House Chief Whip, Usman Kumo, Dr Abbas noted that Nigeria’s economy had shown resilience over the years, often recovering from recessions and recording strong growth in its non-oil sectors, an environment, he said, in which cryptocurrency trading could thrive.

However, the Speaker warned that the risks associated with cryptocurrencies could not be ignored, citing concerns over money laundering, terrorism financing, and a lack of accountability due to weak regulation and governance.

“Because of the absence of clear rules and the volatility of the technology, the House found it imperative to establish regulations and consumer protection measures for virtual asset service providers,” Abbas said.

He explained that the new committee would conduct public hearings and gather input from stakeholders to guide the National Assembly in developing legislation for a regulatory framework on digital currencies.

Dr Abbas stressed that the 10th House remained committed to protecting the country and its citizens from any negative impacts of financial innovations while supporting the economic reform agenda of President Bola Tinubu’s administration.

In his remarks, Committee Chairman Olufemi Bamisile described the assignment as a matter of national importance aimed at balancing financial innovation with national security.

“Across the world, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating opportunities for inclusion and innovation but also posing serious risks,” Bamisile said.

He said that the committee would collaborate with key institutions including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Economic and Financial Crimes Commission (EFCC), Nigeria Police Force, and other regulatory and security agencies.

Bamisile added that the committee would adopt a consultative, evidence-based approach, engaging banks, fintech operators, civil society, and regulators to develop a framework that encourages innovation while safeguarding Nigeria’s financial system.

Oduyemi Odumade, Edited By Grace Namiji