The Nigerian Securities and Substitution Committee has put its plans for regulating cryptocurrencies on concur post-obit the recent ban by the central bank prohibiting fiscal institutions from servicing crypto exchanges.

In an emailed argument quoted by the Daily Post on Friday, the SEC stated:

"For the purpose of admittance into the SEC Regulatory Incubation Framework, the cess of all persons (and products) afflicted past the CBN Round of Feb 5, 2021, is hereby put on concur until such persons are able to operate bank accounts within the Nigerian cyberbanking arrangement."

As previously reported by Cointelegraph, the commission recognized digital assets dorsum in September 2020. At the fourth dimension, the SEC said information technology was set to create a regulatory sandbox for cryptocurrencies as office of efforts to fully regulate the market.

For the SEC, its latest argument is in response to inquiries from stakeholders as to the perceived policy conflicts between its September announcement and the cardinal banking concern circular. Co-ordinate to the committee, the regulatory sandbox proposal for non-crypto fintech firms focusing on the upper-case letter market will still keep as planned.

Reactions to the key bank's crypto ban accept seemingly been separate forth ethnic and geopolitical lines beyond the country with the more progressive-minded elements in the polity arguing against the move. The fundamental depository financial institution for its part has said the motion was taken to combat the use of virtual currencies by criminal elements in Nigeria.

The Senate plenary session on Thursday saw some senators calling for a more than nuanced approach by the central bank in regulating cryptocurrencies. However, Senator Sani Musa of the Niger East Senatorial District claimed that Bitcoin had made the naira "virtually useless."

As part of its deliberations, the Nigerian Senate resolved to invite the CBN governor to appear earlier the appropriate committees to discuss possible mechanisms for future cryptocurrency regulations in the land.