Cryptocurrency, the digital currency that uses cryptography to validate and secure transactions, is seen as the surest way to enhance trade and commerce in Nigeria, Africa and beyond, according experts views during a cryptocurrency forum organized by Luno in Lagos recently.
When we talk about worldwide crypto adoption, one of the most untapped places in the world is Africa. Nigerian blockchain experts have called for greater regulation of cryptocurrency on the African continent to strengthen the sector in the region and to help boost the economy.
Nigerian Blockchain Experts at Luno Meet
At the recent Luno Meet in Nigeria titled
“Building Trust in the Nigerian Cryptocurrency Market”,
some of the nation’s most qualified crypto experts have been discussing the best way forward for not only the Nigerian blockchain industry but also right across the continent.
The Chief Operating Officer of Blockchain Solutions Limited, Lucky Uwakwe, told the audience that cryptocurrency is on the rise globally and that 65% of people are now aware of crypto. Uwakwe cited research from Luno Nigeria that 25% of people in the study now own crypto in some form. He cited from the research that 51% saw crypto as an investment, 16% used crypto for online shopping and that 19% of people in the study used crypto for remittance.
Although the study and the stats seem a bit contrived, the disturbing issue that Uwakwe was trying to stress is that crypto is on the rise and that Nigeria needs to get up to speed or will get left behind in the cold. When addressing the audience, Uwakwe was quoted as 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.
Making Africa Great Again!
Also speaking at the Luno event, Country Manager and Nigerian blockchain expert Owenize Odia talked about how regulation is a pivotal issue that can help cement trust in the Nigerian and African crypto sectors by saying:
Regulation is key but should be county specific , since it can bring about credibility to market, even though banks try to distant their operations from cryptocurrency.
At a panel session coordinated by Cryptocurrency Specialist, Frank Eleanya, issues on the gains and risk of cryptocurrency were discussed. A big time cryptocurrency investor, Olaleye Awe, spoke of the risk factor and advised Nigerians not to invest more than what they can afford to lose, since Bitcoin and other forms of cryptocurrency are volatile. He however encouraged Nigerians to invest in Bitcoin, despite market fluctuations. He equally advised that people should trade more in Bitcoin, when prices are low.