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Crypto industry still uncertain, says Chuta

By Azeez Olorunlomeru
12 September 2021   |   3:33 am
The Founder and Coordinator, Blockchain Nigeria User Group (BNUG), Mr. Chimezie Chuta has said the state of crypto is still uncertain as the industry is currently under no regulatory purview of any government agency.

The Founder and Coordinator, Blockchain Nigeria User Group (BNUG), Mr. Chimezie Chuta has said the state of crypto is still uncertain as the industry is currently under no regulatory purview of any government agency.

He stated that Nigeria’s premium hybrid blockchain and crypto assets conference was birthed to explore the technology, value and innovation trends to shape the future of money across the world.

He noted that the activities of blockchain have enhanced the growth and development of the ecosystem in the last four years in Nigeria and across Africa.

“Now Security and Exchange Commission (SEC) has rolled out a notification that it will resume its intension to regulate. As soon as it is done, crypto assets companies will be permitted to run bank accounts.”

Chuta pointed out that one of Africa’s largest and most untapped markets is the creator economy. Using NFTs and crypto arts, creators across art, film, gaming, and sports, among others, can monetise followers and intellectual property, which can actually bring about royalties and revenue streams across multiple assets.”

On the regulation holding down Nigerians’ ability to tap benefits of crypto and Bitcoin opportunities, he said BNUG is a strong advocate for blockchain technology and works with all levels of government policymakers and regulators like SEC Nigeria, National Information Technology Development Agency (NITDA), Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN) and other stakeholders to support businesses.