Nigerian Experts Discuss Future of Digital Assets Regulation and Overcome Challenges at SIBAN Summit
Summary:
Experts in digital assets gathered at the SIBAN Digital Assets Summit to discuss the future of digital assets regulation in Nigeria. They highlighted the slow implementation of regulations and the need to create a favorable environment for the blockchain and crypto industry. They also discussed the challenges posed by the decentralized nature of blockchain and the lack of understanding of these concepts in Nigeria. Efforts are being made by NITDA to establish a national blockchain policy and a steering committee has been set up to facilitate its implementation.
A group of digital asset professionals from Nigeria gathered at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja, the capital city of Nigeria, to discuss the regulatory future of digital assets in the country. The panel, titled "The Future of Digital Assets: Regulatory Uncertainty and the Way Forward," shed light on the reasons behind the slow implementation of digital asset regulations and blockchain policies in Nigeria. Mr. Adedeji Owonibi, CEO of Convexity, expressed that the recent developmental regulation introduced by NITDA is a significant leap towards understanding and establishing a favorable environment for the blockchain and crypto industry. He emphasized that the Central Bank of Nigeria (CBN) should have taken this step back in 2021 instead of severing ties between cryptocurrency exchange firms and local banks. Deputy Director of the Digital Economy Development Department, Preye Itonyo, acknowledged NITDA's efforts in formulating a blockchain policy but highlighted the challenge posed by the decentralized nature of blockchain, which has contributed to a lack of comprehension of blockchain and cryptocurrency concepts in Nigeria. This lack of understanding contributed to the cryptocurrency ban imposed in 2021. Despite Nigeria being recognized as the world's most cryptocurrency-aware population, with 90% of Nigerian respondents expressing interest in investing in cryptocurrencies in the coming year, the industry still requires regulation to ensure security and promote scalability. To address this, Itonyo revealed that NITDA has established a steering committee to facilitate the implementation strategies of the national blockchain policy, with members including the CBN and the Nigerian Communications Commission (NCC).
Published At
9/7/2023 8:24:25 AM
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