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.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published.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

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    News

    Russia’s Finance Ministry announced on Wednesday, September 24, that it plans to raise the country’s value-added tax (VAT) to help finance the ongoing war...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...