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    Home»Business Matters»Chuta says Crypto industry is uncertain

    Chuta says Crypto industry is uncertain

    Business Matters By Temitope N.Sep 12, 2021No Comments2 Mins Read
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    The Founder of Blockchain Nigeria User Group (BNUG), Mr. Chimezie Chuta has come out to say the state of crypto is still uncertain as the industry is currently under no regulatory purview of any government agency.

    Engraved Bitcoin Logo
    Engraved Bitcoin Logo

    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.”

    See also  Security Advisory: (Heartbleed) Announcement Brings Real-Time Increased Phishing Risks Due to the OpenSSL Vulnerability, Cautions Antivirus Firm Thirtyseven4

    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.

    See also  Internet and Business

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