ACCI Seeks Creation of Presidential Committee on Cryptocurrency

By James Emejo and Folalumi Alaran

The President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar, has advised the federal government to set up a presidential commission on cryptocurrency to review the digital currency policy framework globally as well as “assess successful, failing and failed frameworks.”

He said the proposed body should also be saddled with the responsibility to integrate and domesticate successful models for draft policy framework for Nigeria.

In a statement he personally endorsed, Abubakar, also called for a plan of action for phased usage of the technological currency within the Nigerian financial system.

He said the chamber’s recommendation was informed by the surging intrusion of the bitcoin into global and local financial system.

He said: “We suggest that members of the commission should be drawn from the Central Bank of Nigeria, Nigerian Stock Exchange, banking /financial institutions, bitcoin community, digital currency experts and relevant MDAs and OPS.

“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 chamber had observed recent development in the digital and cryptocurrency currency space within country and internationally, adding that it is also are aware of the recent controversy on the subject, leading to the CBN directives to bank’s and financial institutions.

The ACCI president said: “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.”

According to him, global trends on the subject also make its imperative for Nigeria, the biggest economy in Africa, to act swiftly on the policy plane.

“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,” he added.