A group of Nigerian digital asset professionals took to the stage at the Blockchain Technology Association of Nigeria (SIBAN) Digital Asset Summit 2023 in Abuja to discuss the future of digital asset regulation in Nigeria.
In a panel titled “The Future of Digital Assets: Regulatory Uncertainty and the Way Forward,” the panel discussed why Nigeria has been slow to implement digital asset regulation and blockchain policy.
Adedeji Owonibi, CEO of Convexity, said that the development regulation set by the National Information Technology Development Agency (NITDA) is a big step towards understanding and creating an enabling environment for the blockchain and cryptocurrency industry. Owonibi said the Central Bank of Nigeria (CBN) should have taken that step back in 2021, rather than severing ties between cryptocurrency trading firms and local banks.
Preye Itonyo, deputy director of the agency’s Digital Economy Development Division, acknowledged NITDA’s progress in developing blockchain policy and highlighted the regulatory hurdles posed by the decentralized nature of blockchain, resulting in a lack of awareness of the concept of blockchain and cryptocurrencies in Nigeria. learn. This lack of understanding, he said, fuels the crypto/traditional finance ban in 2021.
In a recent global survey, Nigeria was found The most crypto-aware crowd in the world, with 90% of respondents expressing interest in investing in cryptocurrencies in the next year. However, the industry needs regulation to promote security while encouraging scalability.
related: 99% of Nigerians know about cryptocurrencies – ConsenSys report
In this regard, Itonyo said that the blockchain policy that has been developed is the first step in Nigeria to ensure the safety and protection of cryptocurrency investors. He also revealed that NITDA has established a steering committee to facilitate the implementation strategy of the national blockchain policy. According to Itonyo, CBN and the Nigerian Communications Commission are members of the committee.
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