When we talk about encrypted adoption all over the world, one of the most unexplored places in the world is Africa. Nigerian blockchain experts have called for more regulation of cryptocurrency on the African continent to strengthen the sector in the region and help revive the economy.
Although most crypto-fanatics will disregard any discussion of regulatory measures, some experts believe that the cryptography industry, especially in Africa, needs to be governed and should be guided in the right direction for the betterment of everyone.
Nigerian Blockchain experts at Luno Meet
At the recent meeting of Luno in Nigeria, titled "Building Trust in the Nigerian Cryptocurrency Market," some of the nation's most experienced cryptography experts discussed the best way to proceed not only to the Nigerian blockchain industry, but also to across the continent.
Blockchain Solutions Limited's Chief Operating Officer Lucky Uwakwe told the audience that cryptocurrency is increasing globally and that 65% of people are now aware of cryptography. Uwakwe cited Luno Nigeria's research that 25% of people in the studio now own cryptography in some way. He cited from the research that 51% saw the crypt as an investment, 16% used cryptography for online purchases and that 19% of people in the study used cryptography for remittance.
Although the study and the statistics seem a bit 'forced, the main problem that Uwakwe was trying to pass is that the crypt is increasing and that Nigeria needs to catch up or stay back in the cold. When addressing the public, Uwakwe said:
Bitcoin is the first cryptocurrency to use peer-to-peer technology; It's a simpler implementation of blockchain technology; It works as a payment tool that can be used to send money and carry value as an investment tool.
Making Africa big again!
At Luno's event, the Country Manager and Nigerian expert on blockchain Owenize Odia talked about how regulation is a crucial issue that can help cement confidence in the cryptic Nigerian and African sectors by saying:
Regulation is crucial, but should be specific to the county, as it can bring market credibility, even if banks try to remove their operations from cryptocurrency.
Odia also touched on other aspects of encryption and spoke about how the decentralized and universal nature of the crypt can help guide the Nigerian economy, meeting the needs of the population. It seems that it is only a matter of time before more regulatory measures are imposed on the cryptic Nigerian markets, for better or for worse.
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