Digital Currencies Can Boost the Economy of Africa, Says Blockchain Experts in Nigeria

When it comes to global adoption of digital currencies, Africa is one of the most unexplored places in the world. As a result of this, blockchain experts in Nigeria are calling for a greater digital currency regulation in Africa. This would strengthen the digital currency sector on the continent and boost the economy.

Although a lot of digital currency fanatics will pour scorn on discussions regarding regulatory measures, some blockchain experts believe that the digital currency space needs reigning in. It also needs to be guided in the right direction for everyone’s betterment.

Crypto Is Gaining Global Awareness

Luno – a Bitcoin (BTC) and Ethereum (ETH) trading platform in Nigeria – recently held a meeting in Nigeria. The Luno Meet in Nigeria was titled “Building Trust in the Nigerian Cryptocurrency Market.” At the meeting, some of the most qualified digital currency experts in Nigeria talked about the best way forward for the blockchain industry in Nigeria and Africa at large.

Speaking at the meeting, Lucky Uwakwe – the COO of Blockchain Solutions Limited – said that digital currency is on the rise globally. He told the audience that 65 percent of people all over the world are now aware of digital currency. The COO referred to research from Luno Nigeria that 25 percent of those that are aware of digital currencies now own digital currency in some form.

Cited from the research, Uwakwe said that 51 percent saw digital currency as an investment, 16 percent used digital currency to shop online, and 19 percent in the study used digital currency for remittance. Although the stats and research seem a bit unspontaneous, Uwakwe was driving to a point.

He was trying to point out that digital currency is on the rise and Nigeria needs to catch up on the train or get left behind. While speaking to the audience, Uwakwe said: “Bitcoin (BTC) is the first digital currency to use peer to peer (p2p) technology. It is a simpler implementation of blockchain technology. It serves as a payment tool that can be used to send money, and it carries value as an investment tool.”

Other Prominent Speakers at the Luno Meet in Nigeria

The Luno event also saw the likes of Owenize Odia. Owenize Odia is Country Manager and Nigerian blockchain expert. Speaking at the event, Odia talked about how regulation is an essential issue that can create trust in the digital currency industry in Nigeria and Africa.

Odia was quoted as saying: ”Regulation is key but it should be region specific since it can bring about credibility to the market, even though banks are trying to distance their operations from digital currency.”

He also talked about other aspects of digital currency adoption. He also elaborated on the positive impact of the universal and decentralized nature of digital currency on the Nigerian economy, and how it could also meet the needs of the people. it appears it is just a matter of time before more regulatory measures are imposed on the Nigerian digital currency markets for better or worse.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$42,161.00-0.15%

Bitcoin (BTC) is currently changing hands at $3,864 after a decrease of about one percent over the past twenty-four hours. The digital currency currently has a market cap of $66.28 billion with a trading volume of $3.87 billion over the past twenty-four hours.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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