Nigeria is reportedly set to legalize the use of bitcoin and other cryptocurrencies, according to a local newspaper. Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions of Nigeria, is said to have claimed that the country is close to passing a law amending the 2007 Investments and Securities Act to recognize bitcoin as a legal capital for investment. The move comes after Nigeria effectively banned the use of bitcoin in February 2021, with a letter prohibiting regulated financial businesses from "dealing" with cryptocurrencies. 

Despite the ban, bitcoin has had a significant presence in Nigeria, with the country becoming a hub for bitcoin peer-to-peer trading and the construction of a "Bitcoin village," as well as active bitcoin mining and philanthropic work from bitcoin companies. If the proposed regulation is passed, it could be a major catalyst for bitcoin adoption in Nigeria, the most populous country on the African continent.

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