When we talk about worldwide crypto adoption, one of the most untapped places in the world is Africa. Nigerian blockchain experts have called for greater regulation of cryptocurrency on the African continent to strengthen the sector in the region and to help boost the economy.
Although most crypto-fanatics will pour scorn on any talk of regulatory measures, some experts believe that the crypto industry, especially in Africa, needs reigning in and needs to be guided in the right direction for the betterment of all.
Nigerian Blockchain Experts at Luno Meet
At the recent Luno Meet in Nigeria titled “Building Trust in the Nigerian Cryptocurrency Market”, some of the nation’s most qualified crypto experts have been discussing the best way forward for not only the Nigerian blockchain industry but also right across the continent.
The Chief Operating Officer of Blockchain Solutions Limited, Lucky Uwakwe, told the audience that cryptocurrency is on the rise globally and that 65% of people are now aware of crypto. Uwakwe cited research from Luno Nigeria that 25% of people in the study now own crypto in some form. He cited from the research that 51% saw crypto as an investment, 16% used crypto for online shopping and that 19% of people in the study used crypto for remittance.
Although the study and the stats seem a bit contrived, the overriding issue that Uwakwe was trying to put across is that crypto is on the rise and that Nigeria needs to get up to speed or will get left behind in the cold. When addressing the audience, Uwakwe was quoted as saying:
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.
Making Africa Great Again!
Also speaking at the Luno event, Country Manager and Nigerian blockchain expert Owenize Odia talked about how regulation is a pivotal issue that can help cement trust in the Nigerian and African crypto sectors by saying:
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 touched on other aspects of crypto adoption and talked about how the decentralized and universal nature of crypto could help to drive the Nigerian economy while also meeting with the needs of the people. It seems it’s only a matter of time before more regulatory measures are imposed on the Nigerian crypto markets for better or worse.