During the most recent Luno Meet in Nigeria by the name of “Building Trust in the Nigerian Cryptocurrency Market”, plenty of experts from the country discussed how the economy could greatly benefit immensely with the help of cryptocurrency. While the continent as a whole has experienced a rise in adoption and awareness for cryptocurrencies, regulation measures have also increased as well. Experts have agreed that with a properly structured regulation and guidance, cryptocurrency in Africa would be capable of revolutionizing the economy
COO of Blockchain Solutions Limited, Lucky Uwakwe, spoke to an audience about the 65% of people who are currently aware of cryptocurrency. Uwakwe backed his claim by citing research done by Luno Nigeria, stating over 25% of people in the study currently own some form of digital asset. Furthermore, over more than 51% of those people view crypto as an investment, 16% utilize crypto for online purchasing and that 19% of people in the study also use crypto for remittance.
While the study and statistics do seem a bit off, the main issue that Uwakwe is trying to present is that in order for Nigeria to be capable of keeping up with the rest of the world, it will have to become involved with cryptocurrency. During his talk with the audiences, Uwakwe stated,
Bitcoin is the first cryptocurrency to use peer to peer technology; It is a simpler implementation of blockchain technology; Functions as a payment tool that can be used to send money, and carries value as an investment tool.
Country manager and Nigerian blockchain expert, Owenize Odia, also spoke during the Luno event touching upon how the issue for regulation was very important in order to develop and consolidate trust among Nigerian crypto sectors, and thus by extension the Africa crypto space. He stated,
Regulation is key but should be county specific, since it can bring about credibility to market, even though banks try to distant their operations from cryptocurrency.
Cryptocurreny has had quite the interesting impact in the Africa region as a whole. Plenty of struggling countries have adopted it in hopes of making their country richer and attracting blockchain and crypto companies alike.
Will Africa be capable of improving it’s economy with cryptocurrencies?
Let us know your thoughts.