Future

Bank AI

Bitcoin

<div class="sg-post-des">
 Adedeji Owonibi stated that the Central Bank of Nigeria should have created a blockchain regulation strategy in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks. 
</div> 
<div class="cointelegraph"> 
 A group of Nigerian digital asset professionals took to the stage at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja, to discuss the future of digital asset <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> in Nigeria. 
 In the panel titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, the group discussed why implementing digital assets <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> and <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> policy has been slow in Nigeria. 
 The developmental regulation created by&nbsp;The National Information Technology Development Agency (NITDA) is a big step toward understanding and creating a favorable environment for the blockchain and crypto industry, according to Adedeji Owonibi, CEO of Convexity. Owonibi stated that this step is what the Central Bank of Nigeria (CBN) should have taken back in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/07/107b084e448def5b2e5ef901bdf9d1e1.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> The panel discussion on the Future of Digital Assets at the SIBAN Digital Assets Summit. Source: SIBAN 
 </figcaption> 
 </figure> 
 Acknowledging NITDA’s strides in crafting a blockchain policy, Preye Itonyo, the deputy director of the agency’s Digital Economy Development Department, highlighted the regulatory hurdle posed by the decentralized nature of blockchain, resulting in a lack of understanding of blockchain and cryptocurrency concepts in Nigeria. He stated that this lack of understanding fueled the 2021 crypto/traditional finance ban. 
 In a recent global survey, Nigeria was found to be&nbsp;the most cryptocurrency-aware population in the world, with 90% of respondents expressing interest in investing in cryptocurrencies in the next year. However, there is a need for <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> in the industry to foster security while encouraging scalability. 
 Related: 99% of Nigerians are crypto aware — ConsenSys report 
 In response, Itonyo stated that the already established <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> policy is Nigeria’s first step toward ensuring the safety and protection of crypto investors. He also revealed that NITDA has set up a steering committee to facilitate the implementation strategies of the national <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> policy. According to Itonyo, the CBN and the Nigerian Communications Commission are committee members. 
 Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space. 
 Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in 
 <template data-name="subscription_form" data-type="crypto_biz"></template> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/nigeria-central-bank-missed-opportunity-for-blockchain-regulation-in-2021-convexity-ceo-tbt61857.html">https://thebittimes.com/nigeria-central-bank-missed-opportunity-for-blockchain-regulation-in-2021-convexity-ceo-tbt61857.html</a>

Nigeria central bank missed opportunity for blockchain regulation in 2021 — Convexity CEO

TheBitTimes

Other articles published on Sep 7, 2023

Tesla's Unveils McDonald's McFlurry Cybertruck Spoons in China

The Hidden Risks of Hash Functions: Length Extension Attacks and Server-Side Security Vulnerabili...

Bumper’s $20m bid to undercut Deribit Crypto Options goes live on September 7, 2023

Russian Ruble’s Monthly Volume On Binance Drops 83% In Two Years

Celsius files adversary complaint against EquitiesFirst

Hanya 22 Orang yang Punya Crypto Bernilai US$1 Milyar

Join our free newsletter for daily crypto updates!