• Thursday, March 28, 2024
businessday logo

BusinessDay

Technext holds conference to discuss the future of Cryptocurrency in Nigeria

Technext holds conference to discuss the future of Cryptocurrency in Nigeria

Technext, a technology news platform held the first edition of its “Technext coinference” to discuss the future of cryptocurrency and blockchain in Nigeria.

The conference which was held on 9 December 2021, themed ‘Reimagining crypto as the future of finance’ brought together different people in the Nigerian blockchain sector to have essential discussions about the way forward and future of Cryptocurrency.

Technext Coinference is the maiden edition of the conference hosted by Technext, a tech-driven media house to lead a timely conversation in the cryptocurrency space. The maiden edition of the conference brought together players and innovators from different cryptocurrency space to discuss the way forward for Blockchain industries.

David Afolayan, Content Chief, Technext, while delivering his opening remarks stated that it is important to have such a conversation around digital currencies as it is the new approach to trade and necessary for survival.

“We need instruments to achieve convenience, and trade is that instrument. Trade has taken different forms, and now we are lucky to be at the foothold of that change where digital currencies are replacing fiat money and we can transact without borders,” David said.

According to him, rules guiding trade many years ago are no longer applicable and many people are not finding that easy. To address these concerns, innovators, enthusiasts, and regulators need to have a conversation, one that the event provides.

Clem Ikanade Agba, Minister of State budget and national planning, while giving a keynote address at the event states that the event captures the desire of the government and its citizens to explore innovative methods towards economic recovery, growth, and development.

Read also: Bitcoin is better inflation hedge than gold, says expert

“So far, I hope I’ve demonstrated that both citizens and governments see the benefits of cryptocurrencies and share a mutual belief in them. I believe it is crucial for all stakeholders to view each player as a key teammate in forging a path toward a healthy crypto space in Nigeria,” Clem said.

The minister noted that cryptocurrencies could be the biggest disruptor in finance and governance the world has ever witnessed though regulation is important in the industry.

According to him, Regulations of the industry don’t mean “a giant hammer slamming down on the activities going on in an industry,” but rather to optimize conditions for growth, tailored towards the industry.

The event also had enthusiasts and innovators in the blockchain industry addressing questions and issues around the Blockchain space.

The first panel discussions involved Uzoma Dozie, CEO of Sparkle; Buchi Okoro, CEO of Quidax; Dickson Nsofor, CEO of Korapay; Austin Okere, CEO of CWG; Nkemdili Uwaje, CEO of Future Software; and Chimezie Chuta, Founder of the Blockchain Nigeria User Group.

The Panel session was focused on untying the regulatory knots in the space, and a key idea that was mentioned by all speakers was the pace at which cryptocurrency is changing the financial system.

Uzoma Dozie, CEO of Sparkle, during the panel session reiterates on the difficulties of scaling crypto because it is currently one of the fastest payment systems in the world.

He noted that the Nigerian CBDC, enaira, is not going to compete with card payments. It will only be one of the many available payment systems.

Buchi Okoro, CEO of Quidax, elaborated that the central bank’s development of eNaira is a step towards meeting stakeholders halfway and will encourage digital liquidity.

According to the CEO, the same way WhatsApp can’t replace hugs and physical interactions, cryptos can’t replace fiat cash but both currencies can collaborate to bring better lives to the citizens.

Hanu Fejiro Agbodje, the CEO of Patricia, giving the keynote speech on Blockchain for Africa: The endless possibilities illustrates how Michael Faraday did not envisage that one day, Elon Musk would use his creation, electricity, to power his electric vehicles.

“We have been succeeding in this industry with zero support. Imagine if we got support from the government. We can win and we will win as long as we continue to strive,” Fejiro said.

The second panel comprised experts like Emmanuel Babalola, Africa Director at Binance and Interim CEO of Bundle; Modibe Matsepena, Senior Associate of Growth in Africa at Paxful; Founder of Aza Pay, Jacqueline Madu, and Bitmama CEO, Ruth Iselema.

However, Buchi noted that Bitcoin is not anonymous but pseudonymous.

“When you track patterns on ether scan and blockchain explorer, you can actually see every transaction that happened on the blockchain up until the very first production of that bitcoin,” he said

Meanwhile, other highlights from the event were the brand moments, where institutions in the crypto space gave brief insights into their various innovative products aimed at making the Nigerian blockchain industry a success and contributing to the success of the African economy.

Conversations and questions from the event focused on regulations and what the future holds for the crypto space in Nigeria.

Cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.