The House of Representatives is rolling up its sleeves to delve into the enigmatic world of cryptocurrencies, blockchain tech, and digital assets galore. Initiated by Rep. Isiaka Ibrahim (APC-Ogun) during a recent session in Abuja, this investigation aims to address growing concerns about the potential national security risks posed by cryptocurrency transactions.

Ibrahim highlighted the global anxiety surrounding the security implications of cryptocurrency dealings, mainly through exchanges that may facilitate money laundering and finance terrorism. The House’s decision to investigate reflects an effort to grasp the full scope of these issues within Nigeria’s digital landscape.

The investigation will encompass digital transactions, including international money transfers, payment gateways, cloud computing, online marketplaces, and peer-to-peer platforms. The objective is to uncover any threats to national security and identify legislative gaps that might compromise the country’s interests.

Focusing on the E-Naira

A particular point of interest is the status of the E-Naira on the global cryptocurrency stage. The House seeks to evaluate the expenses, processes, and compliance involved in creating Nigeria’s digital currency to ensure that it aligns with international best practices.

To navigate these complex issues, the House plans to collaborate with relevant stakeholders to develop appropriate legislation and regulations. This includes assessing the legal status of operators in the sector, their compliance with existing laws, and their involvement in any illegal activities, such as money laundering or illicit transactions.

The investigation will also involve the National Security Adviser and other relevant agencies. It will focus on tracking and recovering funds associated with illicit activities. The House emphasizes the importance of adhering to principles of equity, transparency, and the rule of law throughout this process.

Next Steps

The matter has been referred to the Committee on National Security and Intelligence, which will report its findings to the House for further discussion. This initiative represents a crucial step in safeguarding Nigeria’s digital and financial security in the face of rapidly evolving technological advancements.

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