Chairman, BlockChain Market Co-ordinating Committee of Nigeria, Mr. Chimezie Chuta, has urged the Federal Government to adopt a risk-based method to crypto-currency and bring the actors and services involved in ecosystem to a roundtable for a workable structure that will enable its operations.
Chuta, who specified this at a two-day conference in Lagos, tagged, “Blockchain, Crypto-Arts and Future of Money,” stated the regulative high-handedness of formulators in crypto currency business in Nigeria was not healthy for ingenious growth of the technology industry.
He said the market had a possible to bring in Foreign Direct Investment (FDI) and galvanise local innovation neighborhoods for start-up to construct new products and services that will assist reposition the country’s economic fortune.
“In the last couple of weeks, we have seen series of regulative high-handedness from some firms of government. It is just Security and Exchange Commission (SEC) that has constantly engaged and developed a more friendly regulatory program that might in fact help the environment, while other firms are busy prohibiting the operations without engaging stakeholders on how the innovation can help grow the economy,” he said.
Chuta kept in mind that the activities of crypto-currency in Nigeria is not in anyhow the reason the country is experiencing totally free fall of Naira, including that the unsuccessful economic policies of the Reserve bank of Nigeria (CBN) and its monetary system are responsible for the deficiency of naira and poor economy the country is experiencing.
“Naira has actually been on the free fall for more than twenty years and during these years, crypto-currency has not been in existence then. So, for anyone to now claim that the activities of the operators are responsible for the poor economy, the person is not being reasonable at all,” he stated.
He stated that the argument that people utilize crypto– currency for illegal acts was insufficient reason to ban its operations or shut it down while the Reserve Bank of Nigeria (CBN) has now come up with modalities of presenting or releasing a digital currency, which is likewise a type of crypto-currency.
“Just like every other business and occupation, there are criminal elements that wish to take advantage of every chance but it is inadequate for government to get rid of the child with the bath water,” he further said.
He stated the reason why rates of crypto-currency keep varying was since the marketplace is exposed to global communities of users that operate virtually in a market that has no closing time.