Amid ongoing protests, Nigeria’s cryptocurrency community is advocating for regulatory reforms to attract investment and drive economic growth.
Points
- Nigerian crypto advocates are calling for industry-specific regulatory reforms.
- Protests provide an opportunity to push for favorable crypto regulations.
- Former SiBAN Secretary Rume Ophi supports including crypto demands in protest agendas.
- Government steps to support the blockchain and crypto industry are already underway.
In the wake of the ongoing #EndBadGovernanceInNigeria protests, voices from Nigeria’s cryptocurrency community are calling for the inclusion of industry-specific demands. Many in the crypto sector see this movement, which seeks to address myriad governance issues, as an opportunity to push for regulatory reforms that could significantly benefit the industry and the broader economy.
Crypto Industry Needs Representation
Rume Ophi, the former Secretary of Stakeholders in Blockchain Technology Association of Nigeria （SiBAN）, has voiced strong support for including crypto-related demands in the protest agenda. Ophi told Cointelegraph:
“First and foremost, it is the right of citizens to make demands that favor the nation. In this case, it is a peaceful protest. Since some of these demands have been made by the protest organizers, one would expect a crypto demand to be there.”
Ophi believes favorable crypto regulations could attract significant investment, creating jobs and economic growth. He added:
“Like friendly crypto regulations so investors can jump on the industry to employ people. I don’t support the destruction of state property, but a demand to draft a friendly regulation by the National Assembly should be part of the demands.”
No Need for Crypto Protests
On the other hand, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, expressed a different perspective. He pointed out that the government has already taken substantial steps to support the blockchain and crypto industry in Nigeria. Chuta stated:
“A steering committee has been established to ensure the successful implementation of the policy, which addresses many of the crypto industry’s needs. Therefore, I see no reason for the industry to protest against the policy.”
Government Steps
The Nigerian government has taken steps to foster the growth of the blockchain and cryptocurrency sectors. The establishment of the National Blockchain Policy Steering Committee is one such initiative aimed at ensuring the successful implementation of policies that support the industry. These efforts are designed to attract investment, create jobs, and drive economic growth.
Conclusion
As Nigeria continues to grapple with governance issues, the cryptocurrency community is seizing the opportunity to push for regulatory reforms that could significantly benefit the industry and the broader economy. While there are differing opinions on the need for protests, the ongoing movement highlights the importance of favorable regulations in driving investment and growth in the crypto sector.