The Chairman of the Commission on Economic and Financial Crimes of Nigeria (EFCC) Ola Olukoyede called cryptocurrencies with new oil, which allows you to earn a lot of money. At the same time, the official spoke out for strict regulation of digital assets.

Speaking at a meeting of participants in the Blockchain Association Nigeria (Siban), Ola Olukouede said that cryptocurrencies are becoming an international innovation engine and a tool for creating wealth. But if they are not controlled, cryptocurrencies can be used to finance terrorism and fraud. In the absence of supervision, the country’s financial system will undergo great risks. The regulation of digital assets will not suppress innovation, but rather, will help them prosper, the official assured.

“There is a thin line between real crypto operators and scammers. Unfortunately, we see how famous politicians and even the so -called legitimate industry players use cryptocurrencies to launder money. People become victims of scammers who seek to take advantage of the inexperience of investors and their desire to earn money, ”said Olukudye.

The head of the EFCC called on Siban to actively fight the unscrupulous participants of the crypto market. For those who wish to enter the newcomers market, it is necessary to organize training, as well as report to law enforcement agencies about violations, advised Olukudye.

Siban President Obinna Iwuno said in response that the Nigerian authorities would have to begin to regulate the cryptocurrency market since 2018, when digital assets became the mainstream. Siban is ready to cooperate with the EFCC for launching fraud campaigns and already requires cryptocurrency platforms for mandatory compliance with the “Know Client” (KYC) procedure, Ivuno added.

According to the Yellow Card crypto platform, Nigeria, along with South Africa, has become the largest market for stabilcoins on the African continent due to the devaluation of state currencies and banking restrictions.