Because the country’s present cryptocurrency regulatory rules are not in step with the reality on the ground, the authorities in Nigeria have been given the recommendation to consider revising the country’s cryptocurrency regulatory standards. The increasing interest in cryptocurrencies among Nigerians, according to professionals in the field of law, indicates that the nation has to establish “clear-cut norms” for the cryptocurrency industry.
Nigerians are persistent in their defiance of the central bank.
Legal professionals who participated in a workshop that was recently held in Nigeria for two days have recently asked Nigerian authorities to consider improving the country’s regulatory rules for cryptocurrencies. The experts claimed that such an upgrade is necessary since Nigerians have, for the most part, ignored existing restrictions that seek to hinder trade or investment in cryptocurrencies. This has made it necessary for the regulations to be upgraded.
Using peer-to-peer trading platforms allows Nigerians to get over the limits imposed on cryptocurrency trading and investment by the country’s central bank, as was reported not too long ago by Bitcoin.com News. For instance, it has been claimed that Nigerian users of Paxful, a peer-to-peer cryptocurrency exchange, carried out transactions of approximately $400 million in the first half of 2022 alone. In addition, the citizens of this country in West Africa are the most interested in cryptocurrencies everywhere in the world, according to a survey that was conducted not too long ago.
Meanwhile, in part of their statements that were published by The Guardian, the legal experts said that the money that is streaming into the industry further justifies Nigeria’s need for clear rules. This was stated in relation to Nigeria’s need for clear guidelines. One of the experts, Roger Geisler, who is a special agent in the Arizona Attorney General’s Office, is described in the study as providing an example of a risk that is faced by a large number of cryptocurrency users, but which may be reduced to a smaller extent by putting guidelines into place. He said:
On the Google Play Store, fraudulent wallets have been found, and they are frequently cloned so that they appear to be authentic. After a person puts money into a wallet, it is promptly stolen and the wallet is left empty afterwards.
Obtaining a Living Wage Through the Use of Cryptocurrencies
Another industry professional, David Awe, who is in charge of operations at Africa Fintech Foundry (AFF), provided an overview of the obstacles that must be overcome in order to create a regulatory framework for blockchain smart contracts. However, the experts included in the paper are in agreement that attorneys have a responsibility to ensure that smart contracts adhere to the requirements that have been established.
Ikechukwu Uwant to, the chairwoman of the Lagos branch of the Nigerian Bar Association (NBA), has stated that legal professionals should investigate the possibility of earning a living within the cryptocurrency business.
The craze of the day right now is cryptocurrency. The topic is being discussed by everyone, but what exactly is the legal regulatory framework? What sorts of safety concerns are raised by the existence of digital assets? According to what Uwant I is quoted as saying, all of these are sources of revenue for lawyers.
Africa Fintech Foundry, the Attorney General of Arizona, the Central Bank of Nigeria (CBN), crypto investments, and cryptocurrency are some of the companies that have been mentioned. Ikechukwu Uwant to of the Nigerian Bar Association, David Awe of Digital Currencies, Paxful of Peer-to-Peer Exchange, and Roger Geisler
Terence Zimwara is a journalist, author, and writer from Zimbabwe. He has won multiple awards for his work. He has written extensively on the subject of the economic woes that some African nations are experiencing, as well as the ways in which digital currencies can offer a way out for people living in Africa.