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Nigeria: regulation of cryptocurrencies

Aug 17

While most cryptocurrency enthusiasts would reject any talk of regulatory measures, some experts believe that the entire crypto industry, especially in Africa, needs to be governed - it would promote trust in the industry. 

At an event organized by cryptocurrency exchange Luno in Nigeria called "Building Trust in the Nigerian Cryptocurrency Market" some of the most qualified digital currency experts discussed measures to promote Bitcoin not only for the Nigerian blockchain industry, but for the entire continent.

Blockchain Solutions Limited Chief Operating Officer Lucky Uwakwe reported a global rise in cryptocurrency use - 65% are already aware of it. Uwakwe cited the results of a Luno Nigeria survey, according to which 25% of the people taking part in it own cryptocurrency. He noted that 51% consider cryptocurrencies as an investment, 16% use them for online purchases and 19% for money transfers.

Although the study and statistics seem a bit exaggerated, the main point Uwakwe was trying to make is that cryptocurrencies are "on the rise," and that Nigeria must "pick up the pace" or be left behind by other countries.


"There has to be regulation - having it will allow people to trust this industry, even if banks are trying to distance their transactions from cryptocurrencies"