The Stakeholders in Blockchain Association of Nigeria (SiBAN) has expressed its alignment with the Nigerian Minister of Information’s vision for a balanced approach to cryptocurrency regulation.
This approach, as articulated by Minister Mohammed Idris in his article “Nigeria’s crypto future: Striking a balance between innovation and regulation,” emphasizes fostering a secure and inclusive digital economy while acknowledging the transformative potential of blockchain technology.
SiBAN, through a press statement signed by its President, Obinna Iwuno, welcomed the Minister’s perspective, highlighting the significant real-world opportunities for blockchain and cryptocurrency in Africa, particularly in Nigeria.
These opportunities include enhancing financial inclusion, reducing remittance costs and improving governance transparency.
“SiBAN strongly believes that Africa, particularly Nigeria, has more real-world opportunities for blockchain and cryptocurrency than most parts of the world. From financial inclusion for the unbanked to reducing the cost of remittances and improving transparency in governance, blockchain has the potential to solve critical economic and social challenges,” the statement read.
The association stressed the importance of regulatory frameworks that encourage responsible innovation rather than hinder growth. It also advocated for a collaborative model where industry stakeholders actively participate in policy development to maximize the benefits of blockchain technology.
SiBAN further emphasized Africa’s unique position in blockchain adoption, driven by its youthful population, mobile-centric economy, and demand for alternative financial solutions. Unlike developed nations, where blockchain is often considered an optional investment, it is a crucial tool in Africa for accessing global markets, securing property rights, and streamlining government services.
“If Nigeria gets its regulatory framework right, it can set the pace for the rest of the continent, attracting investment, fostering local innovation, and positioning itself as Africa’s blockchain leader,” SiBAN stated. The association reiterated its commitment to collaborating with the government and stakeholders to build a secure, innovative, and inclusive crypto ecosystem for all Nigerians.