Cryptocurrencies

Nigerian Interpol, cybersecurity experts and other members of the community gathered

Nigerian Interpol, cybersecurity experts and other members of the local intelligence community have met to exchange ideas on ways to address the growing waves of cybercrime in the country.

The brainstorming exercise, which took place in the country’s capital, Abuja, as part of a training platform organized by A&D Forensics in partnership with the Africa Stablecoin Consortium, was said to be designed to pitch Nigeria’s Interpol on how to mitigate crimes involving virtual assets, particularly stablecoins.

According to blockchain specialist, Chioma Onyekelu, the training session aims to empower INTERPOL agents with the necessary skills to leverage blockchain information and analysis in tracking and prosecuting cybercriminals involved in cryptocurrency transactions, especially those using Bitcoin and stablecoins.

source: Stablecoin Federation in Africa

Onyekello stated that cybercrime has evolved beyond traditional fiat currencies, as criminals are now exploiting virtual assets to commit various cybercrimes. As INTERPOL Nigeria receives cybercrime-related requests from international partners, it is crucial to enhance their capabilities through targeted training courses.

Given Nigeria’s increasing involvement in virtual asset exchanges, Onyekello explained that the training will enable officers to effectively tackle cybercrimes involving virtual assets, especially stablecoins.

Adedeji Owonibi, Senior Partner at A&D Forensics, told the press that the training was necessary due to the increasing cybercrime trends in the country. He pointed out that,

“There is a huge gap between sophisticated cybercrime and the capabilities of law enforcement agencies in Nigeria. As a responsible corporate citizen, we have recognized the need to bridge this gap and support our law enforcement agencies in keeping pace with developments and combating cybercrime effectively.

Regarding the controversies arising from the recent implementation of the cybersecurity tax, Owonibi said that although cybersecurity may be controversial, the government has the authority to make decisions on matters affecting national security, stressing the importance of prioritizing the country’s security interests.

Related: Ghana’s cryptocurrency stamps honor the King’s Silver Jubilee

On Monday, the Central Bank of Nigeria (CBN) mandated banks and other payment service providers to begin deducting 0.5% of the total value of electronic transactions and remit it to the National Cyber ​​Security Fund which will be administered by the Office of the National Security Adviser (ONSA). ).

The Nigerian Securities and Exchange Commission (SEC) is cracking down on cryptocurrencies, banning peer-to-peer exchanges that use the naira, signaling a major regulatory shift.

The International Monetary Fund (IMF) recently recommended that Nigeria embrace crypto adoption by licensing global cryptocurrency exchanges as part of economic reform measures.

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