Cryptocurrency: Judge proposes regulations, condemns ban - Punch Newspapers

The most widely read newspaper in Nigeria

8/1/2021 4:59:00 AM

Cryptocurrency: Judge proposes regulations, condemns ban - Punch Newspapers

The most widely read newspaper in Nigeria

1 August 2021A Judge of the High Court of Kogi State, Justice Alaba Omolaye-Ajileye, has decried the absence of a legislative framework to regulate electronic transactions in Nigeria.The justice said while the rest of the world were enacting laws to protect consumers engaging in e-commerce and other online transactions including cryptocurrency trading, Nigeria had yet to come up with similar laws in line with the United Nations Commission on International Trade Law, otherwise called the UNCITRAL Model Law on Commerce.

Banditry in Southern Kaduna: if I open up on what I know, heads will roll - Senator La'ah Arms imported from Pakistan to attack Igbos - IPOB alleges BBNaija S6: Pere's fans storm Lagos streets to protest over white room twist

He noted that African countries like South Africa, Kenya, Zambia, Ghana, and Tanzania had enacted model laws in conformity with UNCITRAL, wondering why Nigeria had yet to do the same in the technological age.“I am aware that the 8th Senate passed the bill, but it never became law because Mr President never assented to it, like other numerous bills of that Senate. It is elementary that until a bill is assented to by the President, it does not become a law. So, the point is that there’s no extant law on electronic transactions in Nigeria as of today,” he said.

Justice Omolaye-Ajileye made the remarks in a paper delivered at the July edition of the monthly webinar organised by the Rule of Law Development Foundation.Justice Omolaye-Ajileye said the absence of laws regulating electronic transactions put consumers engaging in such at risk, adding that it was the legislative lacuna that opened up a controversy over the legitimacy of cryptocurrency trading. headtopics.com

The Central Bank of Nigeria had on February 5 written a circular to all Deposit Money Banks and other financial institutions to desist from transacting in/and with entities dealing in cryptocurrencies.However, in his paper, Justice Omolaye-Ajileye submitted that the solution “does not lie in the CBN’s unilateral declaration of cryptocurrency as an illegal money but in the appropriate authorities filling the legislative or regulatory gaps.”

Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Read more: The Punch Newspapers »

We Cannot Learn, We Get Drenched Once It Rains, Pupils Of Idaw Primary School Enugu Cry Out | Punch

Pupils of Idaw River Primary School 1 in Enugu have called on the government of Ifeanyi Uguwanyi to save their school. The pupils who spoke with us revealed ...

Thanks for sharing the wonderful information that you have shared with us. We were looking for this kind of information for the past some weeks ago. but this one is the correct one. I hope you will publish more content on cryptocurrency soon. Good news About time 😒

Confusion trails Kano assembly’s invitation of Chief JudgeA letter of invitation extended to the Kano state Chief Judge, Justice Nura Sagir Umar, by a committee of the state’s House of Assembly has generated confusion in the state, Daily Trust reports. What were they thinking? Maybe they weren't thinking at all.

BREAKING: Blessing Okagbare suspended for doping, out of Tokyo 2020 Olympics - Punch NewspapersBREAKING: Blessing Okagbare suspended after testing positive for banned substance - Punch Newspapers Too bad. Oh mehn! Just when you think it can't get any worse.. Nigeria must stop wasting tax payers money to feature in the Olympics! The administrators are grossly incompetent and only interested in the millions they can siphon into their personal accounts in the name of running sport federations. As for the athletes, it is complicated!

CAF ban: I only took painkillers, laments Oladapo - Punch NewspapersThe most widely read newspaper in Nigeria

Mountaineer dies on Mont Blanc despite rescue attempts - Punch NewspapersThe most widely read newspaper in Nigeria

I’ll never forget day Arsenal lost UCL final –Igbekele - Punch NewspapersThe most widely read newspaper in Nigeria I'm sure u had a heavy stake. 😂 Up Barcä 😂😂

BREAKING: Djokovic loses to Busta in Olympics bronze-medal match - Punch NewspapersThe most widely read newspaper in Nigeria