In a bid to address growing concerns over the national security implications of cryptocurrency transactions, the House of Representatives has announced plans to launch a thorough investigation. The decision came after a motion was put forward by Rep. Isiaka Ibrahim (APC-Ogun) during a plenary session in Abuja.
Highlighting the potential risks associated with cryptocurrency exchanges, Rep. Isiaka emphasized the role they play in facilitating money laundering by criminals and terrorists for illicit activities. The motion garnered unanimous support from the House, leading to a resolution to delve deeper into the matter.
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The investigation will encompass various aspects of the cryptocurrency ecosystem, including international money transfer operators, payment gateways, cloud computing, and online peer-to-peer marketplaces. The aim is to identify potential threats to national security and identify any legislative gaps that may exist.
Specifically, the House intends to scrutinize the e-naira’s presence on the global cryptocurrency platform, examining the processes involved, associated costs, and compliance with statutory regulations. Additionally, the lawmakers plan to engage with stakeholders to initiate the development of necessary legislation and regulations.
Furthermore, the House seeks to unravel the profiles of cryptocurrency operators, assessing their legal status, parent companies, and compliance with existing statutes. Any involvement in infractions against Nigeria, such as money laundering and illicit transactions, will be thoroughly investigated.
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To bolster these efforts, the House has tasked the Committee on National Security and Intelligence with overseeing the investigation and reporting back to the House for further deliberations. Additionally, collaboration with the office of the National Security Adviser and other relevant agencies, as well as cryptocurrency exchanges, will be pursued to track and recover illicit funds or assets.
The overarching goal of the House is to ensure that the government’s approach to investigating cryptocurrency exchanges adheres to principles of equity, probity, transparency, the rule of law, and international best practices. By addressing potential security risks associated with cryptocurrency transactions, the House aims to safeguard the nation’s interests and protect its citizens.
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