SiBAN Advises Nigerian Government to Create National Bitcoin Policy
The Blockchain Technology Association of Nigeria (SiBAN) is calling on the government to develop a national policy for Bitcoin. SiBAN says this step could help Nigeria stay up-to-date with the fast-growing world of cryptocurrencies. The group suggested looking to the pro-cryptocurrency stance recently adopted by U.S. President-elect Donald Trump as inspiration.
As more Nigerians turn to cryptocurrencies, it’s easy to see why SiBAN thinks a national policy is important to support this growing trend. The reasons for this shift are multifaceted, ranging from financial inclusion to online entertainment and economic stability.
Many Nigerians are embracing cryptocurrencies as an alternative to traditional banking. This digital financial inclusion is particularly visible in the online gambling sector, where cryptocurrencies like Bitcoin are becoming popular due to their enhanced security and ease of use. As players look for more reliable online casinos, they are increasingly turning to crypto-friendly platforms that offer privacy, lower fees, and faster transactions.
Gambling analyst and writer Gary McLellan advises players looking for the best BTC online casinos to conduct thorough research, including reading detailed reviews, comparing bonuses, and weighing the advantages and disadvantages of crypto casinos. This approach helps players find platforms that best suit their needs while enjoying the benefits of cryptocurrency transactions and blockchain technology.
Beyond online gambling, Nigerians are using Bitcoin to solve other financial challenges in the country. It is easier and cheaper to send money across borders using crypto, which is especially useful for Nigerians working abroad. Additionally, with high inflation of 33.88% and a weakening naira, people use crypto to protect their money from economic instability.
It is clear how important it is for the country to embrace and support this technology as more Nigerians turn to cryptocurrencies for various needs.
With that in mind, Obinna Iwuno, the president of SiBAN, said it’s important for Nigeria to adopt modern cryptocurrency practices to become a major player in the global crypto economy. He warned that without clear rules, Nigeria could miss out on important opportunities in international markets.
To stay competitive, Iwuno proposed several key steps for Nigeria:
● Establishing clear regulations and guidelines for cryptocurrency use.
● Creating a national Bitcoin strategy with actionable steps.
● Exploring the possibility of introducing a Bitcoin exchange-traded fund (ETF) in the Nigerian market.
In an interview with ITWeb Africa, Iwuno said that using cryptocurrency in Nigeria’s main economy is important to stay up-to-date in the changing financial world. He suggested initiatives like a Bitcoin ETF or stablecoins backed by the naira to encourage wider use of digital currencies in the country.
Iwuno says cryptocurrencies can help Nigerians protect their money from inflation. He believes that Nigeria could improve its position in the global crypto market, valued at $2.2 trillion as of August 2024, with new ideas.
While some Nigerian authorities have been cautious or even hostile toward cryptocurrency trading, Iwuno pointed out that many Nigerians continue to use digital assets. He urged the government to act quickly, align policies with global trends, and encourage innovation to unlock the country’s potential in the cryptocurrency space.
Obinna Iwuno’s call for greater cryptocurrency adoption echoes the views of several prominent Nigerian economists, including Dr. Muda Yusuf, an economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE). Dr. Yusuf believes that cryptocurrencies can attract foreign investment and drive economic growth, but he also warns of risks such as money laundering and tax evasion. Like Iwuno, Yusuf stresses the need for a balanced approach, where the government promotes innovation while protecting the financial system.
