The Digital Currency Coalition (DCC), an umbrella body of crypto asset practitioners and founders in the African digital currency space has called on the Nigerian government to leverage digital currency to create jobs, sustain innovation and ultimately, grow the economy.
While acknowledging the potential risks and challenges associated with the emerging digital currency sector, the Coalition emphasize that with proper regulation and strategic implementation, digital currencies can serve as catalysts for job creation, innovation and sustainable development.
In a statement titled “Digital Currency Coalition (DCC): Empowering Nigeria’s Future”, the body noted that embracing and leveraging the opportunities presented by digital currencies and blockchain can make a significant contribution to the nation’s economic advancement.
“As the leading voice in the digital currency and blockchain space, DCC stands ready to collaborate with the government, leveraging our expertise to shape a robust and future-oriented digital currency ecosystem. We are committed to demonstrating to the nation’s leaders how embracing digital currencies can lead to sustainable job creation, especially for the young population, fostering independence and freeing up national resources
for other social causes,” the statement jointly signed by Seun Dania, CEO of Tradefada, Buchi Okoro, CEO and Co-founder of Quidax, Yele Bademosi, CEO and Co-founder of Nestcoin and Geoffrey Nwokolo, PMO Digital Currency Coalition said.
While reiterating its commitment to working hand in hand with the government, regulators and industry stakeholders to ensure the responsible growth of the digital currency industry in Nigeria, DCC said it acknowledges the positive steps taken by the government in formulating a national blockchain policy.
“We applaud the collaborative approach that involved stakeholders within the blockchain space, including the Digital Currency Coalition, in creating the policy and facilitating its implementation. This inclusive approach ensures that legislation and regulation have a practical touch. However, we do express moderate concerns regarding including provisions for the taxation of digital assets in newly enacted fintech-focused legislation.
These provisions come at a time when the sector’s potential is still hindered by challenges such as the nationwide banking service ban on its operators,” it added.
According to the Coalition, its goal is to create an environment that fosters shared prosperity for all while not stifling innovation and growth in the sector, assuring all stakeholders and citizens of Nigeria of its active participation and input in all efforts to make digital currencies mainstream in the country.