Experts at the 3.0 Verse Summit 2024-Africa edition in Lagos have highlighted Nigeria’s immense potential to benefit from the booming $1.2 trillion global cryptocurrency market.
Obinna Iwuno, President of the Stakeholders in Blockchain Association of Nigeria (SiBAN), emphasized the transformative impact blockchain technology could have, particularly in facilitating cross-border transactions and attracting foreign direct investment.
“The greatest use case for blockchain is cross-border transactions, which contribute to foreign direct investment, wealth creation, job provision, and socio-economic development,” Iwuno stated.
He further underscored the need for a deeper understanding of the blockchain landscape from users and regulators alike to harness its full potential responsibly.
With Nigeria swiftly transitioning to a digital economy, experts urged the establishment of clear regulatory frameworks to ensure security and foster an enabling environment for the cryptocurrency ecosystem to thrive. Leveraging this cutting-edge technology could unlock unprecedented economic opportunities for the nation.
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