Hey folks.
As the #EndBadGovernanceInNigeria protests are going on, members of the crypto community in Nigeria are urging that specific demands related to the crypto market be included in the movement.
Many in the crypto world see this protest as a chance to push for new regulations that could help both the industry and the economy of the country as a whole.
Ex-Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Rumi Ophi, thinks it's important for the crypto community to have representation in the protests.
According to him,
“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 thinks that better regulations for the crypto market could attract more investments, create jobs, and raise economic growth. He mentioned,
“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,”.
Chairman of the National Blockchain Policy Steering Committee, Chimezie Chuta, on the other hand, has a different view. According to him, the government has already made important moves to support the blockchain and crypto sectors in Nigeria.
Chuta stated that a committee has been set up to help put these policies into action, addressing many of the requirements of the crypto market. Because of this, he doesn't see a reason for the crypto industry to protest.
In the past, members of Nigeria's fintech and blockchain communities have requested laws from the government to enable them to fully execute the country's blockchain strategy. In the interim, prospective VASPs must analyze and qualify through the SEC's pre-assessment portal in order to be granted licenses.