Cryptocurrency has huge potential and could be the biggest disruptor in finance and governance, says Nigeria’s Minister Prince Clem Ikanade Agba. During the Technext conference – Reimaging Crypto As The Future Of Finance, in Lagos, the minister said it is crucial for all stakeholders to view each player as a key teammate in forging a path towards a healthy crypto space in Nigeria.
“Cryptocurrencies could be the biggest disruptor in finance and governance the world has ever witnessed. However, the government needs to regulate the industry,” Agba said. He highlighted that the Nigerian government remains enthusiastic about the numerous possibilities the crypto industry provides.
During one of the panel sessions, Uzoma Dozie – CEO of Sparkle threw light on the difficulties of scaling crypto because it is one of the fastest payment systems in the world. He said the Nigerian CBDC eNaira is not going to compete with card payments. Dozie reiterated that it will only be one of the many available payment systems.
Buchi Okoro, CEO of Quidax, said the development of eNaira is a step towards meeting stakeholders halfway. He believes it will encourage digital liquidity. However, Okoro said cryptos can’t replace fiat currency. Both currencies can only collaborate to bring better lives to the people, he added.
David Afolayan, Content Chief at Technext, stressed the importance to have conversations around digital currencies. “It is a new approach to trade and central to peoples’ survival. We need instruments to achieve convenience, and trade is that instrument. Trade has taken different forms.”
Afolyan believes we are lucky to be at the foothold of that change where digital currencies are replacing fiat money and can be transacted without borders. He pointed out that rules guiding trade many years ago are no longer applicable. “To address these concerns, innovators, enthusiasts and regulators need to have a conversation.”