By Martin Ekpeke
A digital currency enthusiast and Coordinator of Blockchain Nigeria user group, Mr. Chimezie Chuta has called on the Nigerian government through the Central bank of Nigeria to come up a regulatory framework for Blockchain technology, especially as it has to do with digital currency.
Chuta, who made this call at the first nationwide Blockchain and digital currency conference held in Lagos, argued that the revolutionary technology is being explored and exploited in the developed nations around the world.
He believes that Blockchain will greatly strengthen the Nigerian financial system and help the government to control funds. “There is a need for government to create a regulatory framework for digital currency, this will help to leverage the digital dynamism of Blockchain technology to manage public funds and to spur a wave of startups in the digital currency ecosystem,” he submitted.
Chuta noted a regulatory framework with a clear road map for Blockchain and digital currencies, startups will be clear on the laws in the handling of such businesses. Apart from that, a regulatory framework will ensure checks and balances and be able to know the people in the businesses.
Blockchain technology, which seeks to radically change the way we manage transactions, is poised to become the next major disruptor. This shift will displace or bypass some of the intermediaries upon whom governments have historically relied on to implement regulatory safeguards against money laundering and black market activity such as drug dealing and human trafficking.
The Blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. A block is the ‘current’ part of a Blockchain which records some or all of the recent transactions, and once completed goes into the Blockchain as permanent database.