ACCI seeks presidential commission on cryptocurrency

The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to set up a presidential commission on cryptocurrency in view of surging intrusion of the bitcoin into global and local financial systems.

ACCI President, Almujtaba Abubakar who said this Friday in Abuja, in a statement listed some terms of reference to follow to include reviewing cryptocurrency policy frameworks worldwide.

He noted that the commission should assess successful, failing and failed frameworks globally, integrate and domesticate successful models for draft policy framework for Nigeria.

“The commission should propose plan of action for phased usage of the technological currency within the Nigerian financial system.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

“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,” he said

The ACCI president noted that it was aware of the recent controversy on the subject, which led to CBN’s directives to banks and financial institutions.

He further said that it was 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,” he added.

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He said 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 him, just this week, the biggest U.S. cryptocurrency exchange announced its listing on the Nasdaq, marking a milestone in the economic journey of virtual currencies.

He noted that its Policy Advocacy Centre has conducted extensive review of the subject under a new policy brief and arrived at a number of policy proposals for the presidency and all stakeholders.

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