Blockchain Experts in Nigeria Call For Crypto Regulation To Boost African Economy

Wilfred Michael 

Wilfred Michael

News reporter

27 December 2018,
15:53

Blockchain and cryptocurrency experts in Nigeria has continued their call for regulation of the emerging industry. In a recent meeting organized by crypto exchange, Luno, the enthusiasts reflected mostly on what has been a fruitful beginning for the African crypto industry and looked forward to what is needed to enlarge the coast.

Mr. Lucky Uwakwe, the Chief Operating Officer of Blockchain Solutions Limited, a startup in Nigeria, highlighted the tremendous growth levels that the industry had recorded so far. Lucky stated a research work Luno carried out in South Africa this year, showing that at least 69% of residents are aware of cryptocurrencies and 23% were already using it for transactional purposes.

He also pointed to Google Trends data which showed that following the recent rebound in the price of Bitcoin, the volume of searches from Nigeria and South Africa toppled that of the rest of the world.

On this evidence, he established that cryptocurrencies were no longer a new thing in Africa and could witness a massive leap if Nigeria and other countries put regulations in place.

Another notable speaker at the Luno Meetup was the exchange’s Nigerian division manager Owenize Odia. According to the report by ThisDay, he spoke extensively about the role of regulation in promoting public trust in the crypto and blockchain industry.

He told the audience at the event,

“Regulation is key but should be county specific, since it can bring about credibility to market, even though banks try to distant their operations from cryptocurrency.”

Odia also believes that in the long run some regulations will be put in place by the Nigerian government as well as other African regions. However, he reckoned that the changes could be for or against the industry when they finally arrive.

On the part of Nigeria, we earlier reported that a pro-blockchain candidate is on course to contest at the country’s presidential election. The politician, Atiku Abubakar has promised to regulate the country’s blockchain industry if he wins at the election.

 

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