Experts Harp on Digital Currency Regulation to Facilitate Trade

Emma Okonji

Technology and financial experts have stressed the need for better regulation of digital currency, which they said had become the new approach to global trade.
The experts spoke at the maiden edition of Technext Conference, a technology news platform, with the theme: “Reimagining Crypto as the Future of Finance,” which held in Lagos recently.
The hybrid forum brought together, brilliant minds in the Nigerian blockchain sector to have essential discussions about the future of digital currency.
The Minister of State, Budget and National Planning, Clem Ikanade Agba, in his keynote address, said the conference was designed to capture the mutual desire of the government and its citizens to explore innovative methods towards economic recovery, growth, and development.
Agba said government remained enthusiastic about the numerous possibilities that the crypto industry provides despite the seemingly growing restrictions.
“Both citizens and governments should see the benefits of cryptocurrencies and share a mutual belief in them. I believe it is crucial for all stakeholders to view each player as a key teammate in forging a path toward a healthy crypto space in Nigeria,” Agba said.
He noted that cryptocurrencies could be the biggest disruptor in finance and governance the world has ever witnessed, but streesed the need for government to regulate the industry.
He however noted that regulations of the industry don’t mean “a giant hammer slamming down on the activities going on in an industry,” but rather to optimise conditions for growth, tailored towards the industry.
Content Chief at Technext, David Afolayan, in his opening address reiterated that it was important to have such a conversation around digital currencies as it is the new approach to trade and central to our survival.
“We need instruments to achieve conveniences, and trade is that instrument. Trade has taken different forms, and now we are lucky to be at the foothold of that change where digital currencies are replacing fiat money and we can transact without borders,” Afolayan said.
He also noted that the rules guiding trade many years ago, were no longer applicable, adding that to address these concerns, innovators, enthusiasts, and regulators need to have a conversation, one that the event provides.
The first panel session focused on untying the regulatory knots in the digital currency space.
One of the panelist, Uzoma Dozie, the CEO of Sparkle, spoke about the difficulties of scaling crypto because it is currently one of the fastest payment systems in the world. He reiterated that the Nigerian eNaira would not compete with card payments, but would rather be be one of the many available payment systems.
Buchi Okoro, CEO of Quidax, elaborated that the Central Bank’s development of eNaira, was a step towards meeting stakeholders halfway and would encourage digital liquidity.
The forum also had a second panel session, which centred around regulations and what the future holds for the crypto space in Nigeria