Get around the prohibition
Regulation is required
However, crypto assets alone would not be sufficient to address Nigeria's economic difficulties. Better regulation is required, according to FBNQuest Merchant Bank's Osadiaye. “Transparency and crime prevention remain unanswered questions. These problems, in my opinion, are manageable, but they will necessitate regulatory involvement.
“While the approach has varied greatly between nations, I believe it might aid in the creation of a system in which the regulator has unambiguous oversight over end-to-end crypto-based transactions in Nigeria. This would allow for ongoing crypto adoption while diverting demand away from the country's foreign exchange reserves,” he said.
Still, a post-pandemic Africa needs to start developing its blockchain industry. The technology will evolve to address the specific needs of our Nigerian market, including financial inclusion.