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Crypto Can Boost African Economy, Says Nigerian Blockchain Experts

5 years ago

As the trend going on about cryptocurrency adoption across the world, one of the most untapped places with a tagline, dark continent is Africa. Experts of Nigerian crypto blockchain have called for greater regulation of cryptocurrency on the African continent to strengthen the sector in the region in order to help boost the economy even though most of the fanatics of cryptocurrency will pour scorn on any talk of regulatory measures. However, especially in the African countries, some of the industry experts believe that the cryptocurrency industry needs reigning in and needs to have proper guidance so that it will move in the right direction for the betterment of everyone.

Nigerian Blockchain Experts at Luno Meet

Recently, in the Luno Meet that happened in Nigeria titled, “Building Trust in the Nigerian Cryptocurrency Market,” some of the nation’s most qualified and experts of crypto have been discussing the much better way forward for not only the Nigerian blockchain industry but also right across the whole African continent. Lucky Uwakwe, Chief operating officer of Blockchain Solutions Limited, told that the cryptocurrency market is on the rise worldwide and that 65 percent of people, now aware of the cryptocurrency. Uwakwe cited a research data from Luno Nigeria that 51 percent of the people saw crypto as a better investment mode, 16 percent have used crypto for their online shopping, and the 19 percent of the people in the study utilized crypto for remittance. He cited from his research that 25 percent of people in the study, now own crypto in some of its forms. In the conference, Uwakwe has quoted as saying that, “The first cryptocurrency to use peer to peer technology is Bitcoin, It is a simpler implementation of blockchain technology, It functions as a simple mode of payment tool that can be used to send money, and carries value as an investment tool.” Although the stats and studies seem a bit contrived at the moment, the issue that overriding Uwakwe was trying to put across is that crypto is on the full rise and that the country needs to get up to speed or shall get left behind.

Making Africa Great Again!

The Country Manager and the Nigerian blockchain expert Owenize Odia also speaks at the Luno event, said about how regulation plays a key role and is a pivotal issue that can help cement trust in the African and Nigerian cryptocurrency sectors by saying: Regulation plays a key role, but should be country specific, as it can bring about a huge credibility to the crypto market, even after many of the banks try to distant their operations from cryptocurrency.

Owenzie has also talked about several other aspects of adoption in cryptocurrency and said about how the decentralized and universal nature of cryptocurrency, might help to drive the economy of Nigeria, while also meeting with the requirements of the people. Which seems it is only a matter of time before more regulatory measures are imposed on the Nigerian crypto markets for positive or negative adverse effects.