We previously reported that India’s Parliament was going to be considering legislation that would largely ban the use of private cryptocurrency. Bloomberg is now reporting that cryptocurrency investors in India will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. While banning cryptocurrencies, the Indian government will allow the use of technology underlying the cryptocurrency for research.
We also reported on the strict steps the Central Bank of Nigeria (CBN) was taking with respect to cryptocurrency. As the Guardian Nigeria reported in September, Nigeria’s Securities and Exchange Commission viewed cryptocurrencies as exchangeable securities and said it would regulate them to provide protection for investors and to ensure the transactions are transparent. There was obviously inconsistencies between what the SEC said and the CBN’s recent action. Thus, the Guardian Nigeria is reporting that the Nigeria SEC has now said it has put on hold plans to regulate cryptocurrencies in the country.