Connect with us

Hi, what are you looking for?

Cryptocurrency

SiBAN President Urges Nigeria to Embrace Bitcoin Strategy Amidst Global Crypto Surge – Ravenewsonline

Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has urged the Nigerian government to consider a national Bitcoin strategy in light of the recent global surge in cryptocurrency adoption, particularly following the election of Donald Trump, a pro-crypto US President.

Iwuno believes that the new US administration’s stance on cryptocurrencies, coupled with global economic trends, presents a unique opportunity for Nigeria.

He argues that a strategic approach to Bitcoin can lead to significant economic benefits for the country

Read Also: SiBAN Expels Violators of Code of Conduct, Pledges to Sanitize the Blockchain Industry – Ravenewsonline

Such benefits, according to him include increased wealth where Nigerian traders could profit from the expected rise in cryptocurrency prices, potentially hedging against domestic inflation.

Other benefits are economic growth, which will present a thriving domestic crypto ecosystem that could generate jobs and stimulate economic activity and financial inclusion, where cryptocurrencies, particularly stablecoins pegged to the Naira, could provide financial services to underserved populations.

Meanwhile, to capitalize on this opportunity, Iwuno proposes several steps:

  • Regulatory Clarity: The Nigerian government should provide clear and supportive regulations for the cryptocurrency industry.
  • National Bitcoin Strategy: A comprehensive national strategy should be developed to guide policymaking and industry development.
  • Bitcoin ETF: The Nigerian capital market could explore the possibility of launching a Bitcoin exchange-traded fund (ETF).
  • Stablecoin Development: The government should encourage the development of stablecoins backed by the Naira.

Read Also: Resolving The SIBAN Crisis – Ravenewsonline

Iwuno’s call to action comes as the global cryptocurrency market continues to experience significant growth.

With major economies embracing digital assets, Nigeria stands to benefit from early adoption and strategic planning.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

European Union has fined Meta nearly €800 million for violating antitrust laws by automatically granting Facebook users access to its classified ads service, Facebook...

Tech

In the lead up to Anambra Innovation Week 2024, in a landmark collaboration poised to position Anambra State as Africa’s Silicon Valley, the United...

Business

Commander Mitchell Ofoyeju, the Tincan Island Port Commander of the National Drug Law Enforcement Agency (NDLEA), has expressed his admiration for QNET for championing...

Security & Crime

The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni has called on the Nigerian Airforce to intensify the use of their various...