In the heart of Nigeria’s #EndBadGovernanceInNigeria protests, a notable shift is occurring within the country’s cryptocurrency sector. As the general public demands sweeping governance reforms, leaders in the crypto community are seizing this moment to advocate for specific regulatory changes.
Rume Ophi, the former Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), emphasized the critical need for integrating crypto-oriented demands into the broader protest agenda.
Ophi explained the dual benefits of such demands, highlighting that appropriate regulation can spur substantial economic growth by attracting investors and creating job opportunities. Ophi remarked, ” Including demands for friendly crypto regulations is not just about the crypto community; it is about leveraging these technologies to foster broader economic prosperity.”
Existing Government Efforts
Contrasting Ophi’s call for action, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, presents a different view. He pointed out the Nigerian government’s ongoing efforts to nurture the blockchain and cryptocurrency industries.Â
According to Chuta, the establishment of a steering committee has been pivotal in addressing the needs of the crypto community effectively.
Chuta also underlined the creation of a sub-committee aimed at harmonizing Virtual Asset Service Providers’ (VASPs’) regulations. With an aim of streamlining operations and offering clear regulatory direction, this initiative involves cooperation with important organizations including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). “Our efforts should mitigate the need for protest, as substantial progress is being made in accommodating the crypto industry’s needs,” Chuta stated.
A Unified Call for Support
The ongoing dialogue between the crypto community and government agencies reflects a complex landscape of negotiation and demand for progress.
While stakeholders like Ophi call for more direct action and inclusion of crypto demands in protest agendas, governmental figures like Chuta advocate for recognition of the steps already taken.
As the protests continue, the crypto community’s push for regulatory reforms highlights a critical aspect of Nigeria’s broader struggle for improved governance and economic policies. Both sides agree that supportive regulations are crucial for the successful adoption and implementation of blockchain technologies, signaling a potentially transformative era for Nigeria’s economic framework.
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