Obinna Iwuno, Stakeholders Chairman of the Blockchain Technology Association of Nigeria (SiBAN), has called on the Nigerian government to establish a National Bitcoin strategy in light of the recent surge in global cryptocurrency usage. This especially follows the election of Donald Trump, a crypto-friendly US President.
Iwuno said the new US government on cryptocurrencies, coupled with global economic trends, presents a unique opportunity for Nigeria. He argues that a strategic approach to Bitcoin could bring significant economic benefits to the country.
Such benefits, he believes, include increased prosperity as Nigerian traders could benefit from the expected rise in cryptocurrency prices and hedge against inflation in the country.
Other benefits include economic growth that could create a thriving cryptocurrency ecosystem in the country, which could create jobs and stimulate economic activity and financial inclusion, whereby cryptocurrencies, particularly naira-pegged stablecoins, could provide financial services to underserved populations.
Meanwhile, to capitalize on this opportunity, Iwuno suggests several steps:
Regulatory clarity: The Nigerian government should issue clear and supportive regulations for the cryptocurrency industry.
National Bitcoin Strategy: A comprehensive national strategy should be developed to guide policymaking and industry development.
Bitcoin ETF: Nigeria’s capital market could explore the possibility of launching a Bitcoin ETF.
Stablecoin Development: The government should encourage the development of naira-backed stablecoins.
Iwuno’s call to action comes as the global cryptocurrency market continues to experience significant growth. As major economies embrace digital assets, Nigeria would benefit from early adoption and strategic planning.
