Nigerian Blockchain Association Knocks Central Bank Over Failure To Implement A Crypto Strategy
A group of Nigerian blockchain experts have criticized the nation's Central Bank for its decision to prohibit the use of cryptocurrencies in 2021.
At the recent Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023 in the nation's capital, experts highlighted the challenges posed to the sector and made attempts to chart a new course for the industry amid global challenges.
Speaking on the theme, The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, Adedeji Owonibi the CEO of Convexity praised the regime around blockchain technology and fired shots at the failure of the Central Bank of Nigeria (CBN) to implement a favorable policy.
He hailed the recent steps by the National Information Technology Development Agency (NITDA) in its role in pushing for the first National Blockchain Policy in May, a move that would protect creators, investors , and users.
Similarly, other experts at the summit stressed the regulatory hurdles faced in several jurisdictions and cited a lack of proper understanding of the concept and nature of the technology as key factors for the CBN ban two years ago.
Although Nigeria tops global data on blockchain awareness, a major challenge has been the government’s fear of cryptocurrencies “destabilizing” the economy.
A positive takeaway is the government’s new stance to become pro-blockchain as the NITDA has set up committees to implement key changes in the blockchain regulatory approach.
Notably, the CBN and the Nigerian Communications Commission (NCC) are members of the committee.
At the summit, a panel on Web3 Education: Capacity Building, was brought forward and highlighted Nigeria’s top ranking in crypto awareness and potential adoption while
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