๐ Nigerian SEC Urged to Classify Bitcoin and Ethereum as Commodities๐
๐ข Key Update:
๐ Date: July 13
๐ฐ Source: BlockBeats via Cointelegraph
๐น Background: A recent court ruling in Illinois classified Bitcoin and Ethereum as commodities.
๐น Call to Action: Cryptocurrency advocates are urging the Nigerian Securities and Exchange Commission (SEC) to follow suit.
Highlights:
๐ก Advocacy Leader: Lucky Uwakwe, Chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
๐ช Core Cryptocurrencies: Bitcoin and Ethereum are seen as highly valuable commodities.
๐ Market Stability: Classifying Bitcoin and Ethereum as commodities can provide clarity and stability in the Nigerian market.
๐ Innovation & Compliance: This classification encourages innovation while ensuring regulatory compliance.
๐ Special Regulatory Approach: Uwakwe emphasizes that Bitcoin and Ethereum require a distinct regulatory framework compared to other cryptocurrencies.
Impact:
๐ฆ Regulatory Clarity: Helps in clear asset pricing and market operations.
๐ง Market Confidence: Builds investor and market confidence through regulatory stability.
๐ Future Prospects: Encourages the growth of the cryptocurrency ecosystem in Nigeria.
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