The Securities and Exchange Commission (SEC) of Nigeria is developing a pilot program to turn around tokenized assets tied to the value of real financial instruments.
Abdulkadir Abbas, head of securities and investment services at the Securities and Exchange Commission (SEC) of Nigeria, said the agency still does not support the promotion and use of cryptocurrency by the public as a means of payment or investment.
However, the regulator is ready to consider tokenized assets with real financial assets as collateral for liquidity on the country’s digital exchanges.
“The SEC is considering allowing tokenized coins backed by real assets, including stocks, debt and property, to be offered on licensed digital exchanges.
We like to start with a very simple and straightforward proposition before we move on to complex and uncertain ones like cryptocurrencies,” Abbas said.
In his view, the move will allow digitally interested Nigerian citizens not only to use advanced technology, but also to develop the country’s economy through indirect investment in national financial instruments.
Earlier, Ibrahim Babangida, chairman of the capital markets committee of the Nigerian House of Representatives, said the country intends to recognize cryptocurrencies as an investment target in a new bill.