By our Reporter
The Securities and Exchange Commission (SEC) has announced plans to delist naira from all peer-to-peer (P2P) platforms.
This was disclosed by Emomotimi Agama, SEC acting director general (DG), during a virtual meeting with Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body of major blockchain and cryptocurrency associations within the country.
P2P platforms allow two parties to connect directly to engage in financial transactions without the involvement of traditional financial institutions.
In a statement by SEC, Agama said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space.
According to the DG, concerns regarding crypto P2P traders and their perceived impact on the exchange rate underscores the need for collective action and dialogue within the financial market ecosystem. Agama said those involved in sharp practices that undermine national interest should desist from such activities, adding that stakeholders should reach out to SEC to name and shame the bad actors.
He said actions are being taken to rid the virtual assets space of illegal trading activities, and SEC will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.
Speaking further, the DG requested the support of the industry to strike the right balance between encouraging innovation and safeguarding the national economic interests.
“With our deep understanding of this industry and the cryptocurrency sub-sector, we recognize the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together.