The Director-General of the Nigerian Securities and Exchange Commission (SEC) Lamido Yuguda joined other regulators, in South Korea, in trying to figure out the difference between digital assets and virtual or cryptocurrency assets. The Nigerian market regulator is working with those in Singapore, Hong Kong, and South Korea to figure out what kinds of assets are digital assets.

The Nigerian SEC wants to make a distinction between digital assets, which can be central bank digital currencies (CBDCs), non-fungible tokens (NFTs), privately issued stablecoins, and cryptocurrencies.

The SEC director said that the country will protect investments in “sensible digital assets,” but he didn’t say what those are. He went further on to say that the Nigerian government will also be looking into how blockchain technology can be used to improve both virtual and traditional investment products but then broke listeners’ hearts when he said that the commission will be ignoring digital currencies for now.

It seems like the Nigerian government is more interested in the underlying technology behind Crypto which is blockchain rather than Crypto itself.

Some believe that Nigeria wants to make digital asset trading easier in the country but how will that be possible when there is a directive by the Central bank of Nigeria to banks to stop doing business with people or companies that deal in crypto assets.

A study by CoinGecko found that Nigerians are very interested in cryptocurrencies and are also some of the most frequent users.

Nigeria is at the forefront of CBDC innovation in Africa. In October 2021, it was the first country in Africa to launch its own CBDC, called the eNaira.

https://altcoin.ng/nigeria-to-figure-out-distinction-between-digital-assets-and-crypto/