{"id":58647,"date":"2023-09-07T05:23:54","date_gmt":"2023-09-07T09:23:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=58647"},"modified":"2023-09-07T06:03:49","modified_gmt":"2023-09-07T10:03:49","slug":"cbn-could-have-regulated-blockchain-in-2021-convexity-ceo","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cbn-could-have-regulated-blockchain-in-2021-convexity-ceo\/","title":{"rendered":"CBN Could Have Regulated Blockchain in 2021 – Convexity CEO"},"content":{"rendered":"\n

At the Stakeholders in Blockchain Technology Association of Nigeria<\/a> (SIBAN)'s Digital Assets Summit 2023 in Abuja, Adedeji Owonibi, CEO of Convexity, said the Central Bank of Nigeria should have created a blockchain regulation strategy in 2021.<\/p>\n\n\n\n

\"CBN
CBN Could Have Regulated Blockchain in 2021 -Convexity CEO<\/figcaption><\/figure>\n\n\n\n

In the panel titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, the panelists discussed why Nigeria has been sluggish in implementing digital assets regulation and blockchain policy.<\/p>\n\n\n\n

According to Adedeji Owonibi, CEO of Convexity, the National Information Technology Development Agency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>‘s (NITDA) developmental regulation is a significant step toward comprehending and creating a favorable environment for the blockchain and cryptocurrency industries. <\/p>\n\n\n\n

The Central Bank of Nigeria (CBN) should have taken this action in 2021 instead of severing ties between cryptocurrency exchange firms and local institutions, according to Owonibi.<\/p>\n\n\n\n

\"\"
The panel discussion on the Future of Digital Assets at the SIBAN Digital Assets Summit. Source: SIBAN<\/em><\/figcaption><\/figure>\n\n\n\n

Preye Itonyo, deputy director of the agency's Digital Economy Development Department, acknowledged NITDA's progress in developing a blockchain policy. <\/p>\n\n\n\n

Still, he emphasized the regulatory obstacle posed by the decentralized nature of blockchain, which has led to a lack of understanding of blockchain and cryptocurrency concepts<\/a> in Nigeria. He stated that this misunderstanding prompted the crypto\/traditional finance prohibition of 2021.<\/p>\n\n\n\n

In a recent global survey, the population of Africa's largest economy, Nigeria, was found to be the most knowledgeable about cryptocurrencies, and 90% of Nigerian respondents expressed interest in investing in cryptocurrencies over the next year. However, the industry requires regulation to promote security while encouraging scalability.<\/p>\n\n\n\n

In response, Itonyo stated that Nigeria's first move towards ensuring the security and protection of cryptocurrency investors was establishing a blockchain policy.<\/p>\n\n\n\n

He then disclosed that NITDA has established a steering committee to facilitate implementation strategies for the national blockchain policy. According to Itonyo, the Central Bank of Nigeria<\/a> (CBN) and the Nigerian Communications Commission (NCC) are committee members.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja, Adedeji Owonibi, CEO of Convexity, said the Central Bank of Nigeria should have created a blockchain regulation strategy in 2021. In the panel titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, the panelists discussed why […]<\/p>\n","protected":false},"author":12,"featured_media":58655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[5508,4136,350,16339],"class_list":["post-58647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-blockchain-2","tag-cbn","tag-nigeria","tag-siban"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/image-15.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=58647"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58655"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=58647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=58647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=58647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}