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SiBAN President Reacts to Restriction of Crypto Platforms

By Oluchukwu Ikemefuna

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The president of the Blockchain Industry Association of Nigeria (SiBAN), Obinna Iwuno, has expressed his disappointment at the recent restrictions placed on crypto exchanges by the Nigerian government.

He emphasized the need for a regulatory framework, rather than outright restrictions, to foster the growth and potential of the cryptocurrency ecosystem in the country.

SiBAN President Reacts to Restriction of Crypto Platforms

SiBAN’s Advocacy for Regulation, Not Restriction

SiBAN has long been a vocal advocate for the development of a comprehensive regulatory framework for the cryptocurrency industry in Nigeria.

The association believes that such a framework would provide much-needed clarity and guidance for both businesses and individuals involved in the space, while also mitigating potential risks associated with the technology.

The SiBAN president, Mr. Iwuno, reiterated SiBAN’s stance in a recent interview, stating, “What the government should be doing is not imposing restrictions and bans, but establishing proper regulations. We have been advocating for this for years. Regulate the industry, regulate the sector, but let the regulations be designed to support innovation and growth, not stifle it.”

Concerns over Stifled Growth and Missed Opportunities

The recent restrictions on crypto exchanges have raised concerns within the industry about the potential negative impact on Nigeria’s economic development.

Mr. Iwuno highlighted the potential for missed opportunities, stating, “By stifling the growth of the crypto industry through restrictions, we are essentially shortchanging the Nigerian economy from the benefits it could be reaping from this innovative sector.”

He further emphasized that outright bans are unlikely to be effective in the long run, as they can often drive activities underground, making them more difficult to monitor and regulate.

Read More: Naira’s Unending Fall: Nigerian Authorities Ban Access to Crypto Exchanges

Call for Open Dialogue and Collaborative Approach

SiBAN has called for an open dialogue between the government, industry stakeholders, and the public to develop a comprehensive regulatory framework that addresses the concerns of all parties involved.

Mr. Iwuno urged the government to collaborate with the industry to create a framework that fosters responsible innovation and protects consumers, while also allowing the Nigerian crypto ecosystem to flourish.

The Path Forward: Balancing Innovation with Consumer Protection

The debate surrounding cryptocurrency regulation is complex, with valid arguments on both sides.

While it is essential to address legitimate concerns about potential risks associated with the technology, it is also crucial to recognize the potential benefits that cryptocurrencies and blockchain technology can offer.

Finding the right balance between fostering innovation and protecting consumers will be key to developing a regulatory framework that allows the Nigerian crypto industry to thrive responsibly.

SiBAN’s call for a collaborative approach, with open dialogue between all stakeholders, offers a promising path forward for achieving this crucial balance.

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Oluchukwu Ikemefuna
Oluchukwu Ikemefuna

Oluchukwu Blessing Ikemefuna, a talented content writer from Anambra, Nigeria, found her writing passion in secondary school. Holding a degree in Biological Sciences from Federal University of Technology, Owerri, she specializes in blog writing across technology, finance, healthcare, education, and lifestyle sectors. With strong research and SEO skills, Oluchukwu creates engaging content globally. Her work aims to inspire and engage authentically while driving action. Outside work, she enjoys travel, reading, and movies as she grows as a skilled writer.

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