Analysts Discuss Blockchain Technology and Regulation of Digital Assets in Nigeria

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Monday, November 18, 2019 / 3:30 PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: WebTV


As Blockchain technology takes shape in Nigeria, the prospects for effective regulation of digital assets came to the fore at a recent discussion in Lagos, Nigeria. Moderated by Mr. Chimezie Chutta, President Blockchain User Groupthe gathering was an opportunity for panelists to discuss the prospects for regulation of Blockchain technology in Nigeria, and how it will affect the economy.

Mr. Yele Badamosi Founder of Microtraction and Director, Binance Labs in his opening comments gave his perspective on asset tokenization and how it can deepen the penetration of blockchain across emerging markets.

According to him in the process of asset tokenization, a purely digital currency structure takes over the use of physical currency.

Speaking further Badamosi believed that bitcoin and decentralized currencies will transform the global financial market.

Giving her contribution Khadijat Abdulkhadir, CIO, Africa Prudential Plc was of the view that blockchain technology, can facilitate citizen participation and uplift people from poverty in Nigeria.

Khadijat noted that blockchain technology had the potential of providing digital financial services, that is faster and more transparent than conventional channels of financial service delivery.

According to Mr. Stephen Sunday  Lead Ambassador, Aeternity Blockchain,  described asset tokenization as a key driver of financial inclusion, which is critical to an emerging market like Nigeria.

Sunday also supported the view that blockchain technology would enable citizen participation in the governance process of a democracy like Nigeria.

He said blockchain if deployed properly could help strengthen the trust of citizens in the financial system and the overall governance process in the country. 

Badamosi also added that blockchain technology  would help boost innovation on the African continent, if adopted effectively.

He made a strong case for regulatory frameworks that will support the adoption of blockchain technology in African financial markets, especially with the recent signing of the regional continental free trade agreement, AfCFTA.

On her part, Abdulkadir  believed that Nigeria should focus on developing digital skills to effectively utilize the fourth industrial revolution (4IR) technological trends with blockchain as one of its tools.

Abdulkadir noted that building Blockchain capacity will be crucial to utilizing 21st century technologies to achieve economic development.

Sunday, on his part, also argued that Nigeria needs to invest in young programme developers, who could generate new solutions through technology like blockchain, to create value in the digital economic age.

 

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