After an important meeting set for Monday between the Securities and Exchange Commission and operators in the digital asset industry, there is a possibility that the Federal Government might contemplate suspending the $56.7 billion peer-to-peer cryptocurrency market.

According to the 2023 Geography of Cryptocurrency Report by Chainalysis, a US-based international blockchain analysis firm, Nigeria saw a nine percent increase in crypto transaction volume to $56.7 billion between July 2022 and June 2023.

The latest action taken by the SEC demonstrates a wider initiative by the Federal Government to strengthen regulatory supervision in the cryptocurrency sector due to increasing worries about unlawful practices and the manipulation of the naira exchange rate.

In the upcoming Monday meeting, the government is considering the option of temporarily suspending P2P crypto trading. This pause would allow the government to develop a thorough set of regulations to effectively manage this sector.