Can Crypto Boost African Economy?

loading Can Crypto Boost African Economy?

On the Worldwide, it is prominent that, Africa do not give much importance to the adoption of crypto. Meanwhile, African continent was influenced to strengthen its sector and also to boost its economy, by Nigerian blockchain experts, as they have called for greater regulation of cryptocurrency.

Some of the experts from Nigeria trust that, the crypto industry in Africa is much needed with reigns and guidelines to take it in right path for the betterment of all, though most of the crypto-fanatics mock on the regulatory measures.

Nigerian Blockchain Experts at Luno Meet

Some of the nation’s most qualified crypto experts have stated, in the Luno Meet in Nigeria titled “Building Trust in the Nigerian Cryptocurrency Market” that, they are to deal not only with the best ways of bringing forward the Nigerian blockchain but also right across the continent.

Lucky Uwakwe, The Chief Operating Officer of Blockchain Solutions Limited, has stated to the audience that, cryptocurrency is rising globally now, where 65% of people are aware of crypto. He realises from the Luno meet that, 25% of them are now in the study of own crypto in some form. He also cited that, 51% sees crypto as an investment, 16% used it for online shopping and 19% uses it in the study for remittance. Uwakwe was kept trying to say that, crypto is on rise and Nigeria should look forward to it, though the study and stat remained unrealistic. 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!

Manager and Nigerian blockchain expert Owenize Odia addressed the audience that, how regulation is pivotal issue that could help cement trust in the Nigerian and African crypto sectors by saying:

“Regulation is a key, but should be county specific, since it can bring about credibility to market, even though banks try to distant their operations from cryptocurrency.”

While boosting the Nigerian economy, there must be a drive to needs of the people, so Odia tended to touch also on the other aspects of crypto adoption and spoke about how the decentralized and universal nature of crypto could support them. Before more regulatory measures are imposed on the Nigerian crypto markets for better or worse, it seemed, it’s only a matter of time.

Also read: https://www.civilblockchain.com/burkina-fasos-public-finance-management-is-to-trial-kfw-german-state-banks-blockchain-app/

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