Reps Move To Investigate Crypto currency Transactions

House of Representatives has resolved to investigate the national security implications of the current status of cryptocurrency, block chain, and other digital asset transactions.

This followed the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun) during plenary in Abuja.

Moving the motion, Isiaka said that there are growing global concerns about the national security implications of crypto currency transactions through cryptocurrency exchanges, including consumer and investor security.

He said these exchanges enable money laundering by criminals and terrorists for their illicit activities.

Adopting the motion, the House said it would investigate international money transfer operators, payment gateways and platforms, and cloud computing.

Others include infrastructure (networks) and all online peer-to-peer marketplace, utility sharing-based platforms, and their practices in Nigeria.

The lawmakers said the investigation would identify threats to national security and gaps in the legislative framework, statutes, and regulations to the detriment of the country.

The House referred the matter to the Committee on National Security and Intelligence to report back to the House for further deliberations.