• Amid protests against bad governance, the people have demanded better Nigerian crypto reforms for its growing industry.

• Rume Ophi supports integrating demands for cryptocurrency into the protest schedule to draw in funding and generate employment.

• Chimezie Chuta argues that there is no need for demonstrations and emphasizes the government’s efforts to assist the blockchain sector.

In the wake of the ongoing #EndBadGovernanceInNigeria protests, voices from Nigeria’s cryptocurrency community are calling for the inclusion of industry-specific demands.

Many in the crypto sector see this movement, which seeks to address myriad governance issues, as an opportunity to push for regulatory reforms that could significantly benefit the industry and the broader economy.

Nigerian Crypto Reforms: Push for Regulatory Changes Amid Protests

Rume Ophi, the former Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has voiced strong support for including crypto-related demands in the protest agenda.

Ophi said, “First and foremost, it is the right of citizens to make demands that favor the nation. In this case, it is a peaceful protest. Since the protest organizers have made some of these demands, one would expect a crypto demand to be there.“

Ophi believes favorable crypto regulations could attract significant investment, creating jobs and economic growth. “Like friendly crypto regulations so investors can jump on the industry to employ people. I don’t support the destruction of state property, but a demand to draft a friendly regulation by the National Assembly should be part of the demands,” he added.

Opposing Views on Crypto Protests

On the other hand, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, expressed a different perspective. He pointed out that the government has taken substantial steps to support Nigeria’s blockchain and crypto industry.

Chuta stated that a steering committee has been established to ensure the successful implementation of the policy, which addresses many of the crypto industry’s needs. Therefore, Chuta sees no reason for the industry to protest against the policy.

Also, Read Nigeria’s Crypto Adoption: A Solution for 38 Million Unbanked Adults.

Chuta further highlighted that a sub-committee is working on a unified regulatory framework to clarify the country’s Virtual Asset Service Provider (VASP) operations.

This committee includes representatives from the Securities and Exchange Commission (SEC), the National Security Agency (NSA), the Central Bank of Nigeria (CBN), and the National Information Technology Development Agency (NITDA).

The Innovation Ecosystem’s Response

As the protests continue, the innovation ecosystem within Nigeria’s tech and cryptocurrency space is also beginning to respond. Entrepreneurs and developers in the sector are collaborating to create platforms and initiatives that educate the public on the benefits of blockchain technology and cryptocurrency.

This grassroots movement aims to bridge the gap between the government and the crypto community, promoting constructive dialogue that could lead to more cohesive regulatory frameworks.

Dr Adaobi Nwafor, a blockchain advocate and founder of a local crypto startup, emphasized fostering an environment conducive to innovation. “It’s crucial that the government understands the potential of blockchain technology not just for financial transactions but also for various sectors, including agriculture, healthcare, and logistics. We need to show them that we are ready to work together to harness these benefits for national development,” she stated.

The Future of Nigerian Crypto Reforms

Previously, stakeholders in Nigeria’s blockchain and fintech industries have called on the government to introduce supportive regulations to facilitate the widespread adoption and effective implementation of the national blockchain policy. Meanwhile, the SEC has deployed a pre-assessment portal to access and qualify intending VASPs before licenses can be issued.

Also, Read Nigeria’s Crypto Industry Faces Decline with OKX Exit Announcement.

The ongoing protests provide a unique opportunity to spotlight the need for comprehensive crypto regulatory reforms. By integrating these demands into the broader movement, Nigeria could pave the way for a more robust and inclusive blockchain policy that benefits the industry and the national economy.

Bridging the Gap Between Stakeholders

As the cryptocurrency sector grapples with its role in the protests, fostering dialogue between industry stakeholders and government entities becomes increasingly crucial. This engagement can facilitate mutual understanding and lead to constructive solutions that align the needs of crypto advocates with governmental objectives.

Attaining this balance is essential for ensuring that Nigeria’s regulatory framework nurtures the burgeoning crypto industry and addresses broader societal issues raised during the protests.

Grassroots Support for Regulatory Change

Grassroots movements within the Nigerian crypto reforms have already begun to mobilize for their cause, leveraging social media platforms to amplify their message. Crypto enthusiasts, developers, and investors have united to highlight the potential economic benefits of a well-regulated cryptocurrency market.

Through campaigns that underscore transparency and accountability, these advocates aim to demonstrate that a supportive regulatory environment can enhance trust and security in the industry, ultimately benefiting the nation’s economy.

Conclusion

The call for Nigerian crypto reforms is gaining momentum as the country grapples with broader governance issues. While some advocates push for more explicit demands within the protest movement, others believe that significant strides have already been made through existing policies. Regardless of the approach, it is clear that the future of crypto regulations in Nigeria holds substantial promise for economic growth and innovation.

By fostering a supportive regulatory environment, Nigeria can attract more crypto investments and position itself as a leader in the global blockchain space. Whether through peaceful protests or continued dialogue with regulatory bodies, the ultimate goal remains to create a thriving ecosystem for the Nigerian crypto community.