{"id":186896,"date":"2022-05-11T07:44:14","date_gmt":"2022-05-11T06:44:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=186896"},"modified":"2022-05-11T07:44:14","modified_gmt":"2022-05-11T06:44:14","slug":"crypto-ban-stakeholders-seek-regulatory-framework-for-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/05\/11\/crypto-ban-stakeholders-seek-regulatory-framework-for-blockchain-technology\/","title":{"rendered":"Crypto ban: Stakeholders seek regulatory framework for blockchain technology"},"content":{"rendered":"<p>Stakeholders in the financial sector have called for a regulatory framework for blockchain and cryptocurrency transactions in Nigeria.<\/p>\n<p>The call was made on Tuesday in Abuja at a\u00a0blockchain\/cryptocurrency policy conference organised by the National Chamber Policy Centre (NCPC) of the Abuja Chamber of Commerce and Industry (ACCI).<\/p>\n<p>The Central Bank of Nigeria (CBN) in February 2021 directed banks\u00a0to close accounts of persons or entities involved in cryptocurrency transactions.<\/p>\n<p>Recall that the CBN last month also penalised banks for flouting the directive on cryptocurrency.<\/p>\n<p>Speaking at the event, Olawale Rasheed, executive director, NCPC, said despite the ban, Nigeria remains one of the top destinations for crypto trading with values increasing quarterly.<\/p>\n<p>He said that it was necessary to adopt regulatory steps to reap the benefits and contain the negative exposure observable in the sector.<\/p>\n<p>Rasheed noted that nations, except China, are not banning but rather creating structures to accommodate the crypto industry that is now almost two trillion dollars worldwide.<\/p>\n<p>\u201cThe NCPC is, therefore, convinced that perceived evil of <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/08\/jimoh-ibrahim-dissociates-self-from-fake-cryptocurrency-link\/\">cryptocurrency<\/a> should create a sense of urgency for the state to regulate rather than shut off or shut down the sector,\u201d Rasheed said.<\/p>\n<p>Also speaking, Uche Uwalaka, president, Association of Capital Market Academics of Nigeria, expressed concern that at present, there was no law specifically directed at cryptocurrencies or crypto assets.<\/p>\n<p>He said there is an identity crisis in relation to the treatment of virtual currencies and assets in Nigeria.<\/p>\n<p>\u201cThis explains in part why the CBN and the Securities and Exchange Commission appear to be asserting overlapping jurisdiction for market participants transacting in virtual currencies or other digital assets,\u2019\u2019 Uwalaka said.<\/p>\n<p>He said that the existing financial regulations were inadequate to monitor and guide cryptocurrency activity in the financial system.<\/p>\n<p>Uwalaka said they are also insufficient to protect the financial system from key risks such as fraud, money laundering, and the irreversibility of erroneous transactions.<\/p>\n<p>\u201cThe government should do more to support blockchain innovation and adoption through supporting public sector adoption, creation of a flexible regulatory environment to allow experimentation, and using targeted regulatory enforcement,\u2019\u2019 he said.<\/p>\n<p>He noted that cross-jurisdictional cooperation and government-industry collaboration were essential to developing a blockchain and cryptocurrency policy for Nigeria.<\/p>\n<p>On his part, Abdul-Rasheed Na\u2019 Allah, vice-chancellor, University of Abuja, said there was a need to educate Nigerians more on the issues of cryptocurrency.<\/p>\n<p>Na\u2019 Allah, who was represented by James Adefiranye, deputy director, Centre for Entrepreneurship Studies, University of Abuja, said it was important to ensure the end-users of cryptocurrency were protected.<\/p>\n<p>\u201cAn average Nigerian today is extremely gullible and that has really exposed a lot of people to be defrauded easily,\u201d he said.<\/p>\n<p>\u201cFor this to be really successful in Nigeria, we must start by looking at Nigeria itself. We must look at people that understand blockchain, the technology, and the issues of cryptocurrency to know how they work.<\/p>\n<p>\u201cThey need to get awareness on the various channels and avenues by which fraudster could take advantage of their zeal to make money and that is basic.\u201d<\/p>\n<p>For Toye Soladoye, chief technology officer, Union Bank, there should be core policies that would help in regulating cryptocurrency providers in Nigeria.<\/p>\n<p>He said the outright ban will cost Nigeria so much, being a leader in the cryptocurrency space.<\/p>\n<p>He added that regulation was important to check irregulariies while emphasising the importance of embracing the potential of cryptocurrency together with blockchain technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stakeholders in the financial sector have called for a regulatory framework for blockchain and cryptocurrency transactions in Nigeria. The call was made on Tuesday in Abuja at a\u00a0blockchain\/cryptocurrency policy conference organised by the National Chamber Policy Centre (NCPC) of the Abuja Chamber of Commerce and Industry (ACCI). The Central Bank of Nigeria (CBN) in February [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":35484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[1172,37397,1001,37398],"class_list":["post-186896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-central-bank-of-nigeria","tag-crypto-ban","tag-cryptocurrency","tag-national-chamber-policy-centre-ncpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto ban: Stakeholders seek regulatory framework for blockchain technology<\/title>\n<meta name=\"description\" content=\"Stakeholders in the financial sector have called for a regulatory framework for blockchain and cryptocurrency transactions in Nigeria.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/05\/11\/crypto-ban-stakeholders-seek-regulatory-framework-for-blockchain-technology\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto ban: Stakeholders seek regulatory framework for blockchain technology\" \/>\n<meta property=\"og:description\" content=\"Stakeholders in the financial sector have called for a regulatory framework for blockchain and cryptocurrency transactions in Nigeria. The call was made\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/05\/11\/crypto-ban-stakeholders-seek-regulatory-framework-for-blockchain-technology\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-11T06:44:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/05\/adewale_chocomilo\/2021\/05\/19\/Bitcoin-1-770x433-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" 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