Nigeria’s Securities and Exchange Commission is considering tighter controls to combat illegal trading in digital assets, including cryptocurrencies. The Conversation Africa asked Iwa Salami, a researcher in regulatory frameworks for crypto-assets, to explain how best Nigeria can manage cryptocurrency.
What is cryptocurrency and how does it work?
Cryptocurrency is a digital representation of a value or of a right. It can be transferred and stored electronically using distributed ledger technology. This is technology that allows multiple parties to share and update a common ledger (record) without relying on a central authority. Records of transactions are called blocks and they make up a blockchain.
