Nigeria’s House of Representatives Committee on Capital Market and Institutions Chairman, Babangida Ibrahim, declared the nation’s intention to pass a law that would recognize bitcoin and other cryptocurrencies as legal capital for investment in Nigeria.

This comes after the earlier announcement of a letter forbidding financial institutions from engaging with cryptocurrencies, signifying the country’s prior stance on the matter.

Despite this, Nigeria has seen an exponential rise in the use of bitcoin, making it the largest volume of bitcoin peer-to-peer trading worldwide according to Bitcoin Magazine.

If the proposed amendments proposed to the 2007 Investments and Securities Act are successful, it could have a substantial effect on Nigeria, the most populous nation in Africa.