Blockchain experts from Nigeria think that better and greater regulation of cryptocurrency is needed not only to boost the worldwide crypto adoption but also to strengthen the sector in the entire African continent and according to the latest blockchain news coming from Nigeria, to also boost the economy.
Despite the fact that many disagree with the regulatory measures, some experts think that the crypto industry in Africa needs a stronger regulation and better guidance in the right direction.
There was a Luno Meeting recently in Nigeria named ‘’Building Trust in the Nigerian Cryptocurrency Market’’ where many crypto experts discussed the best way to continue forward in the blockchain industry across the continent.
Lucky Uwakwe who is the Chief Operating Officer of Blockchain Solutions Limited said that almost 65% of people are available of cryptocurrency worldwide. He pointed out research conducted by Luno Nigeria that about 25% of the people own crypto in some form.
The point that Uwakwe was trying to prove was that crypto is on the rise and it is best for Nigeria to speed up or it will be left behind by 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.’’
Regulation in proving to be the key to many issues in the industry since it can bring credibility to the market. According to the experts, the decentralized and universal nature of the crypto assets could boost the Nigerian economy after the regulatory measures are imposed.
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