The House of Representatives has decided to look into how the present state of cryptocurrency, blockchain technology, and other digital asset transactions affects national security. This came after a resolution made in plenary in Abuja by Representative Isiaka Ibrahim (APC-Ogun) was adopted.
Isiaka, who made the motion, stated that there are rising worries around the world over the potential effects of cryptocurrency exchange activities on national security, particularly with regard to investor and consumer security. According to him, these transactions allow terrorists and criminals to launder money for their illegal operations.
After passing the motion, the house declared that it will look at cloud computing, payment gateways and platforms, and international money transfer companies. Others include infrastructure (networks) and all online peer-to-peer (P2P) marketplaces, utility sharing-based platforms and their practices, in Nigeria.
The lawmakers said the investigation would identify threats to national security and gaps in legislative framework, statutes, and regulations to the detriment of the country.
The house said that the current status of the E-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency would also be investigated.
The house also resolved to engage all relevant stakeholders to initiate the necessary processes for establishing required legislation and regulations.
The lawmakers said that the profile of operators in the sector such as legal status, parent company, and access to their compliance with existing statutes should be unravelled.
The house said that their complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices would be looked into.
The House also resolved to superintend the engagement of the office of the National Security Adviser and other relevant agencies, and cryptocurrency exchanges in tracking and recovering illicit and laundered funds or assets.
The lawmakers said they would ensure that equity, probity, transparency, the rule of law, and international best practices were observed by the government in investigating cryptocurrency exchanges and others.
The House referred the matter to the Committee on National Security and Intelligence to report back to the House for further deliberations.
