The Senate, yesterday, collaborated with Stakeholders in Blockchain Association of Nigerida (SIBAN) on legal framework for crypto exchanges in the country.

The apex legislative Assembly entered the collaboration during an interactive session the Senator Osita Izunaso led Committee on Capital Market, had with SIBAN led by its President, Obinna Iwuno.

The SIBAN President in his submission before the Committee, said that Nigeria which ranks second in the world in Crypto Currency adoption and number one in Africa, needed to give the blockchain technology and digital asset, legal framework as it is done in the United States of America.

According to him, SIBAN for now, is self regulatory but networking with Securities and Exchange Commission (SEC) and Nigerian Financial Intelligence Unit (NFIU) in promoting all aspects of the country’s capital and digital assets.

He said: “Recently, President Donald Trump of the United States of America (USA), signed a bill into law called the Genius Act, to enable the use of dollar stable USD stable coins which means the USA is also positioning itself to make sure that in the new global financial system that is coming, dollar does not lose its dominance and value as the global currency.