• Friday, May 24, 2024
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DCC lauds Nigerian government’s push for digital currency regulation at G20 Summit

Crypto conference to focus on tackling cross-border payment bottlenecks

The Digital Currency Coalition (DCC), Africa’s consortium of crypto asset practitioners, blockchain innovators, and founders, has voiced its support for the Nigerian government’s active participation for a structured regulation of the digital currency ecosystem at the 18th G20 summit held in New Delhi, India.

At the G20 summit, President Bola Tinubu and Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy led crucial regulatory discussions that resonated with the DCC’s long-standing call for a well-structured digital currency environment.

These discussions were significantly informed by a key document from the International Monetary Fund (IMF) and Financial Stability Board (FSB) titled ‘IMF-FSB Synthesis Paper: Policies for Crypto-Assets.’

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The DCC stands ready to collaborate with the federal government in the development of comprehensive policy and regulatory frameworks that address various concerns associated with crypto assets, such as financial stability, market integrity, and investor protection.

DCC has proactively self-regulated and complies with the Financial Action Task Force (FATF) standards for Anti-Money Laundering, including enforcing the travel rule among its members. “We are committed to identifying and implementing effective anti-money laundering and counter-terrorist financing measures that apply to virtual assets and service providers.”

“We believe that a well-regulated digital currency space is vital for the economic future of Nigeria and are ready and willing to be part of the journey to regulation, supporting the government under President Tinubu’s leadership.”

“We also extend our warmest wishes to the Nigerian Government and delegates participating at the UN General Assembly in New York. We wish the Nigerian delegation fruitful deliberation that benefits the nation and the digital currency ecosystem,” the body said.