SIBAN Urges Progressive Regulatory Changes for Blockchain Adoption
SIBAN President Calls for Forward-Thinking Regulatory Framework to Drive Blockchain Adoption
The president of the Blockchain industry association in Nigeria (SIBAN), Obinna Iwuno, has emphasized the crucial need for a progressive and future-oriented regulatory framework to expedite the integration of blockchain technology across various sectors of the economy.
Iwuno believes that such a framework will not only pave the way for widespread adoption of blockchain but also foster innovation, attract foreign investments, and position Nigeria as a leader in the global blockchain landscape.
In a recent statement, Iwuno highlighted the potential of blockchain technology to revolutionize industries such as finance, healthcare, agriculture, supply chain management, and more. He emphasized that Nigeria should capitalize on this opportunity by creating an enabling environment that encourages blockchain startups and businesses to thrive.
Regulatory Clarity and Legal Certainty
Iwuno stressed the importance of regulatory clarity and legal certainty as crucial elements in promoting blockchain adoption. He argued that clear regulations would provide businesses with the confidence and reassurance they need to embrace blockchain solutions and invest in their development.
Furthermore, Iwuno mentioned that an effective regulatory framework would address concerns related to data privacy, security, and fraud prevention. By implementing robust regulations, Nigeria can create an environment of trust and transparency, which will attract both domestic and international blockchain projects to the country.
Nigeria’s Potential as a Blockchain Hub
Highlighting Nigeria’s vast pool of talent and entrepreneurial spirit, Iwuno stated that the country has the potential to become a blockchain hub in Africa. With a young and tech-savvy population, Nigeria can leverage blockchain technology to drive economic growth, job creation, and technological advancements.
However, Iwuno warned that without a progressive regulatory framework, Nigeria risks falling behind other countries that have already embraced blockchain and are reaping its benefits. He emphasized the need for urgent action, calling on policymakers and regulators to work closely with industry players to create a regulatory environment that fosters innovation and supports blockchain development.
The Way Forward
In conclusion, Obinna Iwuno, as the president of SIBAN, advocates for the establishment of a forward-thinking regulatory framework to propel Nigeria’s adoption and integration of blockchain technology. By doing so, Nigeria can position itself as a frontrunner in the global blockchain space, attract investments, foster innovation, and create a conducive environment for blockchain startups and businesses to thrive.