Nigerian Blockchain Experts Believe Cryptos Can Boost African Economy

As crypto addiction engulfs the entire world, Africa remains to be exploited in this aspect. Blockchain specialists of Nigeria have demanded enhancement of laws regarding these assets that could eventually build up and improve Africa’s financial resources.

Any discussion over framing crypto laws would not be taken easily by some segment of people. Still, some believe the action taken on this direction could prove beneficial for everyone.

Nigerian crypto analysts came together on a common platform entitled “Building Trust in the Nigerian Cryptocurrency Market,” to put across their thoughts on how to deal with this crypto market so that it could likely lead to the development of the whole of Africa along with Nigeria.

As per Lucky Uwakwe, the COO of Blockchains Solutions Limited, these digital assets are becoming more progressive with 65% knowing these currencies. In accordance with research from Luno Nigeria, he further added that 25% of those who have been following cryptocurrency closely have themselves invested in these assets. The investigation also highlighted that 51% bought the currencies for the purpose to create future wealth, 16% owned them for dealing on online products, and 19% used them for settling their transactions.

Though these statistics seem to be slightly unrealistic, Uwakwe ultimately wanted to put across his opinion that the crypto market was on the rise and if Nigeria needs to keep pace with the rest of the world it needs to adopt the crypto craze or else it will stand aloof. Uwakwe also said that Bitcoin was the first and easy way to use the blockchain technology. It can be utilized for payment purposes as well as portrays wealth value.

At the same event, Owenize Odia, another Nigerian blockchain analyst viewed that laws could play a major role that can build up confidence in the Nigerian as well as in Africa as a whole in respect to the cryptocurrency. He stated that laws should be implemented because that would bring in some authenticity to these assets as banks are still not ready to recognize them in their workings.

He voiced his opinion saying that these currencies will not only bring prosperity to the nation but also prove beneficial to the Nigerian masses as well. In the near future, the crypto market of Nigeria will be tamed by the enforced rules even though it remains to be seen if this could hamper or help in the growth of the digital market there.

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Veronica Smith is a writer and journalist who holds specialization in language and journalism, including blockchain and crytpocurrencies. She was freelance news writer before getting into our CoinSubtle team. She has written number of articles on financial markets and cryptocurrencies.

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