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George Spencer

September 13, 2021

Nigeria’s Chimezei Chuta Is Convinced That Crypto Industry Is Uncertain

Chimezei Chuta, the Founder and Coordinator of Blockchain Nigeria’s User Group (BNUG) claims that the state of the cryptocurrency market is still uncertain. He believes so because the industry is still not being regulated by any official government agency.

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

He believes 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 the SEC has rolled out a notification that it will resume its intension to regulate the virtual currencies. As soon as it is done, cryptocurrency companies will be permitted to run bank accounts.

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 monetize followers and intellectual property, which can then bring about royalties and revenue streams across multiple assets.

On the regulation holding down Nigerians’ ability to tap into the 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, NITDA (National Information Technology Development Agency), NDIC (Nigeria Deposit Insurance Corporation), the CBN (Central Bank of) and other stakeholders to support businesses.

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