During the Blockchain Technology Association of Nigeria (SIBAN) Digital Asset Summit 2023 in Abuja, a group of Nigerian digital asset professionals convened to address the future of digital asset regulation in Nigeria. Their panel discussion, titled "The Future of Digital Asset Management: and the Way Forward," delved into the reasons behind Nigeria's cautious approach to implementing digital asset regulation and blockchain policy.
Adedeji Owonibi, CEO of Convexity, emphasized the significance of the regulatory framework set forth by the National Information Technology Development Agency (NITDA) as a pivotal step in creating a conducive environment for the blockchain and cryptocurrency industry. Owonibi noted that, ideally, the Central Bank of Nigeria (CBN) should have taken this step in 2021, rather than opting for the disconnection of cryptocurrency trading firms from local banks.
Preye Itonyo, deputy director of the agency's Digital Economy Development Division, acknowledged NITDA's progress in formulating blockchain policy and shed light on the regulatory challenges posed by the decentralized nature of blockchain. This decentralization has led to a lack of awareness and understanding of blockchain In Nigeria, a key factor that contributed to the cryptocurrency ban within traditional finance in 2021.
Despite Nigeria being identified in a global survey as having one of the world's most crypto-informed populations, with 90% of respondents expressing interest in cryptocurrency investments within the next year, regulatory measures are crucial for enhancing tons of security and fostering Emphasized that the developed blockchain polished represses nigeria's initial step toward Safeguarding and supporting cryptocurrency investors. Furthermore , He Revealed That Nitda Has Established A STEERING Commission Tasked with Overseeing the Implementation Strategy of the National Blockchain Policy, With the Centra. l bank of nigeria and the nigerian communications Commission as committee members.
