A local Nigerian newspaper has reported that Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions of Nigeria, claimed the country will soon pass a law making the usage of bitcoin and cryptocurrencies legal. The bill would amend the 2007 Investments and Securities Act.

Back in February of 2021, Nigeria effectively banned the usage of bitcoin with a letter prohibiting regulated businesses from “dealing” with cryptocurrencies. In the same year, Bitcoin Magazine reported Nigeria soaring to the largest volume of bitcoin peer-to-peer trading in the world, and Chainanalysis reports showed that Nigeria had greatly accelerated bitcoin adoption.

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