Regarding the acceptance of digital currencies in the world, one of the biggest potential markets is the African market. The total population of Africa is some 1.2 billion people, second only to Asia’s vast population of 4.4 billion people. The blockchain experts in the most populated black nation in the world, Nigeria, have urged leaders to regulate crypto in Africa and also to nourish the sector to help propel the continent’s economy to greater heights.
Discussions at the Crypto Convention in Nigeria
In the crypto space, a lot of enthusiasts treat the talk of regulating cryptocurrency with contempt. Some experts, however, are of the opinion that the cryptocurrency industry, especially in Africa needs direction in the right path for the benefit of the whole population.
South African cryptocurrency exchange (which also serves as a wallet), Luno, recently organized a meet-up in Nigeria titled “Building Trust in the Nigerian Cryptocurrency Market”. Luno despite being a South African exchange offers services to Nigerians and has gained mass adoption in the country. At the meet, top blockchain experts in the country talked about the most viable way for the country and the continent as a whole to progress in the cryptocurrency industry.
Blockchain Solutions Limited’s COO, Lucky Uwakwe, informed the audience on the rise of cryptocurrency in the world and stated that 65% of people had an idea of what crypto was. Lucky cited a study by Luno Nigeria that a quarter of people in the survey possess cryptocurrency, about 51% believed cryptocurrency to be an investment, 16% used crypto to purchase commodities online, and 19% of those involved in the study used crypto for remittance.
The statistics indicated by the COO do seem unrealistic, but the main point Lucky was trying to put across is that digital currency is being massively adopted and Nigeria would need to keep up with the adoption or get stranded. The COO said that;
“Bitcoin is the first cryptocurrency to use peer to peer technology; It is a simpler implementation of blockchain technology; Functions as a payment tool that can be used to send money, and carries value as an investment tool.”
Cryptocurrency Regulations in Nigeria
Another top blockchain expert in the country, Owenize Odia, discussed the importance of regulation in the cryptocurrency industry indicating that it is the only way citizens of countries in Africa as a whole would adopt and trust cryptocurrency. He suggested that regulation of cryptocurrency should be tailored to each country despite the dislike of cryptocurrency by the banks.
Odia also discussed other parts of adopting cryptocurrency and how crypto’s decentralization and its global nature would propel the country’s economy and at the same time, meeting the needs of the Nigerian citizens. Following this, it has been anticipated that regulations on cryptocurrency could be imposed on the market in Nigeria.
Two months ago, in October, a European based cryptocurrency exchange, Quidax, arrived Nigeria to educate citizens on the blockchain and cryptocurrency, to expand its services to the Nigerian market where potentials are huge.