In a motion put forward by lawmaker Isiaka Ibrahim from Ogun State, the House resolved to investigate the current status of the e-naira on the global cryptocurrency platform. The investigation will encompass the costs incurred, processes undertaken, and statutory compliance in the creation of the digital currency.

Furthermore, the House Committee on National Security and Intelligence is tasked with examining the connection between gateway platforms and various security challenges facing the country.

In a related development, the House of Representatives Committee on Financial Crimes has taken a firm stance against executives of the cryptocurrency platform, Binance. The committee resolved to issue a warrant of arrest against them for failing to appear before it to address allegations of sponsoring terrorism and engaging in financial crimes.

Chairman of the Committee, Ginger Onwusibe, emphasized that the warrant of arrest is necessary to compel the executives to provide answers to the serious allegations.

Despite a lawyer representing Binance presenting a written address, citing concerns over further arrest by the government if the executives were to come to Nigeria, lawmakers rejected the explanation.

Recent events have intensified scrutiny on Binance, with two executives being arrested in Nigeria last week. The Nigerian government is reportedly seeking nearly $10 billion in compensation from the cryptocurrency firm, alleging manipulation of foreign exchange rates detrimental to the value of the naira.

As the House of Representatives moves forward with investigations and potential legislative actions, the cryptocurrency landscape in Nigeria faces significant regulatory challenges and uncertainties.

Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

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