Nigerian Reps Form Panel to Regulate Cryptocurrency and PoS Amid Fraud Concerns

The House of Representatives in Nigeria has established a panel to regulate cryptocurrency and Point of Sale (PoS) operations following concerns about fraud and cybercrime. Speaker Abbas Tajudeen inaugurated the ad hoc committee to review the economic and security implications of digital financial transactions.

The move comes after the Central Bank of Nigeria (CBN) announced new cash withdrawal limits. The committee, chaired by Olufemi Bamisile, will hold public hearings to gather input from stakeholders.

Bamisile highlighted the benefits of PoS systems for commerce and financial inclusion but also acknowledged the risks, including fraud and money laundering, associated with these technologies.