The House of Representatives has decided to conduct an inquiry into the potential national security ramifications of the present state of cryptocurrency, blockchain, and other digital asset transactions.
This decision followed the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun) during a plenary session in Abuja.
In presenting the motion, Isiaka highlighted the escalating global apprehensions regarding the potential national security consequences of cryptocurrency transactions facilitated by cryptocurrency exchanges, which pose risks to consumer and investor safety.
He pointed out that these exchanges serve as avenues for money laundering by criminal elements and terrorist organizations for their illicit operations.
Endorsing the motion, the House expressed its intent to scrutinize international money transfer operators, payment gateways, platforms, and cloud computing services.
Additionally, it aims to examine the infrastructure (networks) and all online peer-to-peer (P2P) marketplace platforms, as well as utility sharing-based platforms, and their operational practices within Nigeria.
The lawmakers emphasized that the investigation seeks to pinpoint threats to national security and identify gaps within the legislative framework, statutes, and regulations that may compromise the country’s interests.
Furthermore, the House outlined plans to probe the current status of the e-naira on the global cryptocurrency platform, including the incurred costs, procedural steps, and adherence to statutory requirements in establishing the digital currency.
The House additionally decided to collaborate with all pertinent stakeholders to initiate the requisite procedures for establishing necessary legislation and regulations.
The lawmakers emphasized the importance of uncovering details regarding the operators in the sector, including their legal status, parent company, and adherence to existing statutes.
Moreover, the House asserted its intention to scrutinize the involvement of these operators in infractions against Nigeria, such as money laundering, illicit transactions, currency speculation, and unethical practices.
Furthermore, the House resolved to oversee the coordination between the office of the National Security Adviser, other relevant agencies, and cryptocurrency exchanges in tracking and recovering illicitly obtained and laundered funds or assets.
The lawmakers underscored their commitment to ensuring that the government’s investigation into cryptocurrency exchanges and related entities adheres to principles of equity, probity, transparency, the rule of law, and international best practices.
The House delegated the matter to the Committee on National Security and Intelligence for further investigation and subsequent reporting to the House for additional deliberations.