The Nigerian Blockchain conference went ahead earlier this week in Lagos playing host to a number of crypto related companies alongside many figures from regulatory authorities around the country. One of the biggest figures included Musa Itopa Jimoh, the deputy governor of the Apex bank, who reported the relaxed and encouraging views held by the Central Bank of Nigeria regarding Blockchain development and cryptocoins in general.
The Nigerian Blockchain conference helped to clarify to stance the government and central bank had on cryptocoin technology. As seen throughout the conference, it became clear the bank aims to encourage Blockchain development acknowledging its disruptive but powerful impact on the economy of the country. There will also be no hindrance or interference with Blockchain development.
“Nigeria’s position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. […] To this end, the Central Bank of Nigeria has kick-started several initiatives and research works to identify the various use cases of Blockchain Technology including the issuance of Digital currency using the Blockchain”
Many countries such as Russia and China have set about developing necessarily regulation which has seen bitcoin being subjected to potential tax measures. However regarding the announcement made during the conference it has become clear, cryptocoin technologies will not be restricted to the degree seen abroad. Musa also sees a bright future for cryptocoin technology with potential legalization of the coin a future where Blockchain technology is incorporated into the current fintech infrastructure.
“While some countries have come out with specific directives and stance on the adoption of digital currency and Blockchain Technology, Some countries are still reviewing their positions to enable them to decide on which way to go,” – Musa
To conclude, the Blockchain conference in Lagos cemented the future of cryptocoin technology in the Nigerian economy. With encouraging news released by both banking institutions and individual companies, the conference became a turning point allowing increased involvement from state authorities to nurture the technology. As noted by Musa, the nature of Blockchain and cryptocoin technology lends itself much freedom from interference, so even in a scenario where the state attempts to regulate the technology little can actually be done to enforce laws and punishment for its use.