By Martin Ekpeke
Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has urged the Nigerian government to consider a national Bitcoin strategy in light of the recent global surge in cryptocurrency adoption, particularly following the election of Donald Trump, a pro-crypto US President.
Iwuno believes that the new US administration’s stance on cryptocurrencies, coupled with global economic trends, presents a unique opportunity for Nigeria. He argues that a strategic approach to Bitcoin can lead to significant economic benefits for the country
Such benefits, according to him include increased wealth where Nigerian traders could profit from the expected rise in cryptocurrency prices, potentially hedging against domestic inflation.
Other benefits are economic growth, which will present a thriving domestic crypto ecosystem that could generate jobs and stimulate economic activity and financial inclusion, where cryptocurrencies, particularly stablecoins pegged to the Naira, could provide financial services to underserved populations.
Meanwhile, to capitalize on this opportunity, Iwuno proposes several steps:
- Regulatory Clarity: The Nigerian government should provide 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: The Nigerian capital market could explore the possibility of launching a Bitcoin exchange-traded fund (ETF).
- Stablecoin Development: The government should encourage the development of stablecoins backed by the Naira.
Iwuno’s call to action comes as the global cryptocurrency market continues to experience significant growth. With major economies embracing digital assets, Nigeria stands to benefit from early adoption and strategic planning.