fbpx
Founder Institute Lagos Founder Institute Lagos Founder Institute Lagos
  • Home
  • About
  • Partners
  • Advertise
  • Contact
  • Signup to receive updates
Innovation | Startups | Funding | Tech Blog in Africa
Advertisement
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
Innovation | Startups | Funding | Tech Blog in Africa
No Result
View All Result
Home Media Tech Trends (Channels TV)

Tech Trends: Blockchain Ecosystem Stakeholders advocate Collaboration with Policy Makers

by Chukwuemeka Fred Agbata Jnr
2021/10/25
in Tech Trends (Channels TV)
Blockchain - techbuild
Share on FacebookShare on Twitter
Tweet
Share
Share

What has become of the blockchain ecosystem since the Central Bank of Nigeria (CBN) decided to restrict financial activities related to crypto assets?

In this week’s episode of Tech Trends, we had a chat with Barinor Kue, Legal Adviser, Blockchain Nigeria User Group, who shared his thoughts on the issue especially from a legal perspective.

CFA: Glad to have you on Tech Trends today.

Barinor: Thank you very much.

RelatedPosts

Tech Trends: Expert advocates Collaboration with Innovation Hubs & Govts

Tech Trends: Maximizing Potentials for Sustainable Development through AI

Tech Trends: How Tech is affecting the Legal Profession

Tech Trends: Exploring the Untapped Markets in e-Sports & e-Gaming

CFA: Alright. You see me smiling but I’m not even sure where to begin but, what has happened in the cryptocurrency ecosystem since the CBN’s restriction?

Barinor: A lot has actually happened since the restriction. Initially, the announcement actually threw the ecosystem into a lot of panic. People were actually wondering how they could continue with the cryptocurrency transaction in the middle of no access to bank services.

However, with time, people have actually devised a means — of course, it has always been there — the peer-to-peer way of transaction has always been there. It’s just that access to direct bank services, like converting fiat to cryptocurrency and cryptocurrency to fiat, that gateway actually made trading in cryptocurrency very easy.

Peer-to-peer comes with its challenge but I think most of those challenges have been surmounted and as you can see, most people are not even complaining again. They are just concentrating on doing their trading because they’ve discovered peer-to-peer and it’s working perfectly.

CFA: So, the question now is, was that move — restricting the ecosystem — a smart one? Because right now, if people are still carrying on as ‘business as usual’, and government has no clue, then, who is losing?

Barinor: Really, I think the government is losing. SEC actually put together a regulatory framework. It wasn’t perfect but at least, they made a statement on cryptocurrency and I think they would have been able to license, levy and tax crypto exchanges — different companies offering cryptocurrency services as exchanges.

And we can’t really have an indigenous exchange now, functioning very, well due to this restriction, and then we have a Nigerian with a whole volume making use of services of exchanges that are actually domiciled in other countries and are paying tax to those countries.

So, generally, Nigeria is losing as a country. I won’t just say it’s the government losing. I think as a whole, we are losing because despite the fact that we are actually benefitting from trading, despite the fact that we… (see full video here)


Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates

Join @techbuildafrica on Telegram
Tweet
Share
Share
ShareTweetShareSendShare

Subscribe us

Recent Posts

  • Young Nigerian Innovator? Apply for IMC Go-to-Talent Challenge ($10K)
  • NiRA announces Voting for the 2023 .NG Awards: Celebrating Excellence in Nigeria’s Digital Community
  • Anambra ICT Agency MD to Keynote Bossladylaw Business Challenge
  • Energy, AI and a Groovy New Tech Demo Area All on the Menu at Africa Tech Festival
  • Female Innovator? Apply for Africa Innovation Fellowship Program
  • Wikimedia Anambra Network sets to Mark a Year of Achievement and Awareness Campaign
  • IXPN, Medallion DC meet Stakeholders, discuss Internet Peering and Interconnectivity
  • Dr Krish crowns Technology Person of the Year at Tech Innovation Awards 2023
  • Nigeria Calls for Open, Secure Internet
  • Appraising OPPO’s Unwavering Commitment to Quality, Trustworthiness, Innovation, and Premium Excellence
Innovation | Startups | Funding | Tech Blog in Africa

© 2013-2021 techbuild.africa. All Rights Reserved.

Navigate Site

  • About
  • Contact
  • WE-Forum
  • Privacy
  • Sitemap
  • Terms
  • Blockchain
  • CleanTech

Follow Us

No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain

© 2013-2021 techbuild.africa. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In