The Nigerian Blockchain Association (NBA) has recently criticized the Central Bank of Nigeria (CBN) over its failure to implement a crypto strategy. The Association, which was formed in 2017, is a voluntary organization of stakeholders and technical experts in the blockchain industry. It is made up of experts from the banking, finance, legal, technology, and government sectors.
The NBA recently issued a statement expressing its disappointment with the CBN’s inaction on introducing a regulatory framework for crypto adoption in Nigeria. The statement called on the apex bank to “work expeditiously on developing and implementing regulatory guidelines and a crypto strategy” in order to “create an enabling environment” for blockchain technology in the country.
The Association also expressed its support for the CBN’s recent efforts to create a regulatory framework for payments made in digital currencies, particularly Bitcoin. It urged the Central Bank to continue to engage stakeholders and chart a clear path that would lead to the integration of the blockchain economy in Nigeria.
At present, the Nigerian government has not officially adopted any form of regulation for digital currencies, and the CBN has been reluctant to officially recognize them. Nigeria is widely considered to be the leader of the African continent’s digital asset revolution, with the country’s High Court recently dismissing an injunction that would have outlawed digital currency trading in Nigeria.
The NBA’s latest statement is a reminder to the Nigerian government that it needs to take urgent action to put in place a regulatory framework for digital assets. Such a move would not only open up the market for crypto usage in the country, but it would also boost investor confidence and pave the way for the growth of the blockchain industry in the country.